Individual Income Tax Filing: Statutory Adjustments: Health Savings Account Deduction
This dataset tracks individual income tax filing: statutory adjustments: health savings account deduction over time.
Latest Value
1721015.00
Year-over-Year Change
1794.20%
Date Range
1/1/2004 - 1/1/2016
Summary
The 'Individual Income Tax Filing: Statutory Adjustments: Health Savings Account Deduction' trend measures the total deductions claimed by taxpayers for contributions to health savings accounts. This data is important for understanding trends in healthcare-related tax policies and individual savings behavior.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator tracks the total dollar amount of deductions claimed on individual income tax returns for contributions to health savings accounts (HSAs). HSAs allow individuals with high-deductible health plans to save and pay for qualified medical expenses on a tax-advantaged basis, and this data provides insight into the usage and growth of these accounts.
Methodology
The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Historical Context
This trend is relevant for policymakers, economists, and analysts studying the impact of healthcare and tax policy on individual financial behavior and healthcare costs.
Key Facts
- HSAs allow tax-deductible contributions, tax-deferred growth, and tax-free withdrawals for qualified medical expenses.
- The total HSA deduction claimed has grown from $11.3 billion in 2006 to $29.4 billion in 2019.
- Approximately 30% of U.S. employees with employer-sponsored health insurance are enrolled in a high-deductible health plan eligible for an HSA.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total dollar amount of deductions claimed by taxpayers on their individual income tax returns for contributions to health savings accounts (HSAs).
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the usage and growth of HSAs, which are an important vehicle for tax-advantaged healthcare savings and spending. It is relevant for understanding trends in healthcare-related tax policies and individual financial behavior.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Internal Revenue Service from individual income tax returns.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers, economists, and analysts studying the impact of healthcare and tax policy on individual financial behavior and healthcare costs.
Q: Are there update delays or limitations?
A: The data may have a lag of several years between the tax filing year and public release of the statistics.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Statutory Adjustments: Health Savings Account Deduction (HSADD), retrieved from FRED.