I have a Health Savings Account. Is the annual administration fee of $45.00 tax deductible? If so, where do I enter this amount?
I have not been able to find a resource that addresses this one way or the other when the fees are paid out of pocket rather than from the HSA account.So, looking at it as if it were deductible, where would it go?It would not be considered a medical expense, so it wouldn’t be reported there.
The only possible place that it may fit would be as part of Schedule A Itemized Deductions subject to 2% of your AGI.According to the IRS, “You can deduct investment fees, custodial fees, trust administration fees, and other expenses you paid for managing your investments that produce taxable income.”However, if the funds in the HSA are used for the purpose that they are intended, they are not taxable income.Therefore, to fall on the conservative side of the fence, my recommendation is to not deduct the fees.
