Author Topic: Input/help on setting up an HSA 125 Cafeteria Plan  (Read 954 times)

live4soccer7

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Input/help on setting up an HSA 125 Cafeteria Plan
« on: November 09, 2017, 12:57:06 PM »
I'm looking for some input/help/opinions on this.

I'm a sole member LLC S-Corp and I wanted to set up a 125 cafeteria plan for my HSA. I don't currently have an HSA account anywhere and this is my first year with an HSA qualifying health insurance plan. I want to do this so I can save some extra money on my contributions in order to get the pre-payroll contribution and effectively not paying FICA on that percentage from the business standpoint.

Who can I do this through? I'm having a tough time sifting through everything online.

live4soccer7

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Re: Input/help on setting up an HSA 125 Cafeteria Plan
« Reply #1 on: November 14, 2017, 10:43:46 AM »
bump

Altons Bobs

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Re: Input/help on setting up an HSA 125 Cafeteria Plan
« Reply #2 on: November 28, 2017, 07:56:06 PM »
Section 125 and HSA are 2 different things. You cannot take advantage of Section 125 as a business owner. On HSA, if you're the primary subscriber to your HSA insurance plan, your business cannot contribute to your own HSA and use it as a tax deduction unless you're a C-corp owner. You can take it as a personal deduction on your 1040.

 

Wow, a phone plan for fifteen bucks!