Which of the Following Statements Regarding Health Savings Accounts Is

question 34

Multiple Choice

Which of the following statements regarding Health Savings Accounts is incorrect?

• A)Taxpayers are allowed to deduct contributions to a health savings account for AGI.
• B)All taxpayers are eligible to establish a health savings account.
• C)Distributions from a health savings account are excluded from gross income if used to pay qualified medical expenses.
• D)Health savings account contributions are limited to the lesser of 100% of annual deductible under high deductible health plan or $3,300 for taxpayers without family coverage.

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Definitions:

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Anti-radical Justice Department

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A country in Western Europe known for its rich history, culture, and significant contributions to art, science, and philosophy.

1920s

A decade known for economic prosperity, cultural flowering, and the introduction of major technological advances in the United States and Europe.