Archer MSA

外汇网2021-06-19 13:55:40 128

A savings account that earns tax deductible interest for medical expenses. Archer MSAs are often used by small business or self-employed inpiduals as a way to pay for healthcare services to employees. This type of account gets its name from Bill Archer, the congressman who helped create the MSA by sponsoring its amendment.

|||An Archer MSA works much like an IRA. The account owner will make contributions and earn interest on the funds. The gains are tax-defered or tax free when withdrawn for medical expenses. If funds are removed for other reasons, a penalty may be incurred and taxes will usually apply.

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