Problem 5-1 Health Savings Accounts (LO 5.1) Evan participates in an HSA carrying family coverage for himself, his spouse, and two children. In 2020, Evan has $200 per month deducted from his paycheck and contributed to the HSA. In addition, Evan makes a one-time contribution of $2,000 on April 15, 2021 when he files his tax return. Evan also receives a 2020 Form 1099-SA that reports distributions to Evan of $3,200 which Evan used for medical expenses. Compute the effect of the HSA transactions on Evan's adjusted gross income. These transactions Evan's AGI by $fill in the blank 2

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codiepienagoya codiepienagoya · Answer 1 · 2021-03-23T07:02:45+01:00

Answer:

Following are the solution to the given points:

Explanation:

In step 1:

For himself, his partner, and two young children, Evan has an interest in HSA conveying a family integration program.

Evan removed and added $100 per month from his check-in 2019. in 2019.

On April 15th, 2020 when he files the returns, Evan makes a one-time pledge of $2000.

In step 2:

The modified gross revenue of Evan shall be lowered by $3200 in HSA transactions.

Working:

[tex]\to (100 \times 12)+2000 \\\\\to 1200+2000\\\\\to 3200[/tex]