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What is an Idaho Medical Savings Account and how does it work?

April 26, 2017Idaho medical savings account

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What is an Idaho Medical Savings Account and how does it work?

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An Idaho Medical Savings Account is an account opened at an Idaho bank, credit union, or other qualified Idaho financial institution. Taxpayers can deduct amounts they contribute, up to $2,000 ($4,000 on a married filing joint return), to an Idaho Medical Savings Account from their tax return. The funds contributed to this account can be used to pay qualified medical expenses. For more information, read the Idaho Medical Savings Account brochure or contact Taxpayer Services by phone or e-mail. Contact us if you need more information.