Source: http://taxtv.com/code/00245-USCODE-2011-title26-subtitleA-chap1-subchapB-partVII-sec223/
Timestamp: 2017-03-25 09:46:07
Document Index: 296448277

Matched Legal Cases: ['§223', '§223', '§223', '§1201', '§404', '§302', '§9003', '§1395', '§9003', '§9004', '§303', '§303', '§303', '§302', '§303', '§305', '§307', '§223']

IRC §223. Health savings accounts - TaxTV.com
IRC §223. Health savings accounts
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(B) the aggregate amount contributed to health savings accounts of such individual which is excludable from the taxpayer’s gross income for such taxable year under section 106(d) (and such amount shall not be allowed as a deduction under subsection (a)), and
No deduction shall be allowed under this section to any individual with respect to whom a deduction under section 1 is allowable to another taxpayer for a taxable year beginning in the calendar year in which such individual’s taxable year begins.
The term “permitted insurance” means—
(i) liabilities incurred under workers’ compensation laws,
The term “Archer MSA” has the meaning given such term in section 220(d).
The term “health savings account” means a trust created or organized in the United States as a health savings account exclusively for the purpose of paying the qualified medical expenses of the account beneficiary, but only if the written governing instrument creating the trust meets the following requirements:
The term “qualified medical expenses” means, with respect to an account beneficiary, amounts paid by such beneficiary for medical care (as defined in section 213(d) 1 for such individual, the spouse of such individual, and any dependent (as defined in section 152, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof) of such individual, but only to the extent such amounts are not compensated for by insurance or otherwise. Such term shall include an amount paid for medicine or a drug only if such medicine or drug is a prescribed drug (determined without regard to whether such drug is available without a prescription) or is insulin.
The term “account beneficiary” means the individual on whose behalf the health savings account was established.
A health savings account is exempt from taxation under this subtitle unless such account has ceased to be a health savings account. Notwithstanding the preceding sentence, any such account is subject to the taxes imposed by section 1 (relating to imposition of tax on unrelated business income of charitable, etc. organizations).
(i) such distribution is received by the individual on or before the last day prescribed by law (including extensions of time) for filing such individual’s return for such taxable year, and
For purposes of subparagraph (A), the term “excess contribution” means any contribution (other than a rollover contribution described in paragraph (5) or section 220(f)(5)) which is neither excludable from gross income under section 106(d) nor deductible under this section.
The transfer of an individual’s interest in a health savings account to an individual’s spouse or former spouse under a divorce or separation instrument described in subparagraph (A) of section 71(b)(2) shall not be considered a taxable transfer made by such individual notwithstanding any other provision of this subtitle, and such interest shall, after such transfer, be treated as a health savings account with respect to which such spouse is the account beneficiary.
If the account beneficiary’s surviving spouse acquires such beneficiary’s interest in a health savings account by reason of being the designated beneficiary of such account at the death of the account beneficiary, such health savings account shall be treated as if the spouse were the account beneficiary.
(II) an amount equal to the fair market value of the assets in such account on such date shall be includible if such person is not the estate of such beneficiary, in such person’s gross income for the taxable year which includes such date, or if such person is the estate of such beneficiary, in such beneficiary’s gross income for the last taxable year of such beneficiary.
(B) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which such taxable year begins determined by substituting for “calendar year 1992” in subparagraph (B) thereof—
(i) except as provided in clause (ii), “calendar year 1997”, and
(ii) in the case of each dollar amount in subsection (c)(2)(A), “calendar year 2003”.
In the case of adjustments made for any taxable year beginning after 2007, section 1(f)(4) shall be applied for purposes of this paragraph by substituting “March 31” for “August 31”, and the Secretary shall publish the adjusted amounts under subsections (b)(2) and (c)(2)(A) for taxable years beginning in any calendar year no later than June 1 of the preceding calendar year.
(Added Pub. L. 108–173, title XII, §1201(a), Dec. 8, 2003, 117 Stat. 2469; amended Pub. L. 109–135, title IV, §404(c), Dec. 21, 2005, 119 Stat. 2634; Pub. L. 109–432, div. A, title III, §§302(b), 303(a), (b), 304, 305(a), 307(b), Dec. 20, 2006, 120 Stat. 2949, 2950, 2953; Pub. L. 111–148, title IX, §§9003(a), 9004(a), Mar. 23, 2010, 124 Stat. 854.)
The Social Security Act, referred to in subsecs. (b)(7), (c)(2)(C), (d)(2)(C)(iv), (f)(4)(C), is act Aug. 14, 1935, ch. 531, 49 Stat. 620, as amended. Title XVIII of the Act is classified generally to subchapter XVIII (§1395 et seq.) of chapter 7 of Title 42, The Public Health and Welfare. Sections 1811, 1871, and 1882 of the Act are classified to sections 1395c, 1395hh, and 1395ss, respectively, of Title 42. For complete classification of this Act to the Code, see section 1305 of Title 42 and Tables.
2010—Subsec. (d)(2)(A). Pub. L. 111–148, §9003(a), inserted at end “Such term shall include an amount paid for medicine or a drug only if such medicine or drug is a prescribed drug (determined without regard to whether such drug is available without a prescription) or is insulin.”
Subsec. (f)(4)(A). Pub. L. 111–148, §9004(a), substituted “20 percent” for “10 percent”.
2006—Subsec. (b)(2)(A). Pub. L. 109–432, §303(a)(1), substituted “$2,250.” for “the lesser of—
Subsec. (b)(2)(B). Pub. L. 109–432, §303(a)(2), substituted “$4,500.” for “the lesser of—
Subsec. (d)(1)(A)(ii)(I). Pub. L. 109–432, §303(b), substituted “subsection (b)(2)(B)” for “subsection (b)(2)(B)(ii)”.
2005—Subsec. (d)(2)(A). Pub. L. 109–135 inserted “, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof” after “section 152”.
Pub. L. 109–432, div. A, title III, §302(c)(2), Dec. 20, 2006, 120 Stat. 2949, provided that: “The amendment made by subsection (b) [amending this section] shall take effect on the date of the enactment of this Act [Dec. 20, 2006].”
Pub. L. 109–432, div. A, title III, §303(c), Dec. 20, 2006, 120 Stat. 2950, provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2006.”
Pub. L. 109–432, div. A, title III, §305(b), Dec. 20, 2006, 120 Stat. 29 , provided that: “The amendments made by this section [amending this section] shall apply to taxable years beginning after December 31, 2006.”
Pub. L. 109–432, div. A, title III, §307(c), Dec. 20, 2006, 120 Stat. 2953, provided that: “The amendments made by this section [amending this section and section 408 of this title] shall apply to taxable years beginning after December 31, 2006.”
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