MSU Extension Reminds Montanans About Medical Care Savings Accounts

Montanans can open a Medical Care Savings Account or make deposits into existing MSAs before Dec. 31 to reduce their state income taxes for 2023, according to Marsha Goetting, MSU Extension family economics specialist.

MSA account holders may deposit up to $4,500 to use for eligible medical and long-term health care expenses. The Montana Legislature has extended the Montana Medical Care Savings Account Act into 2024.

A person with taxable income over $19,800 could save approximately $304 in state income taxes by opening an MSA and depositing up to $4,500 for tax year 2023, Goetting said. Inter...