Open a Medical Care Savings Account Before December 31
December 7, 2022
Montana State University Extension is reminding Montanans to open a Medical Care Savings Account or make deposits into their accounts before Dec. 31 to save money on Montana income taxes.
An MSA is an account used to reduce the cost of saving for medical expenses and long-term health care. According to Marsha Goetting, MSU Extension family economics specialist, an MSA offers several benefits, including a reduction on state income taxes.
For example, if a person has taxable income over $21,600, they could save approximately $304 in state income taxes by opening an MSA and depositing up to...