Tuesday, January 06, 2009

Fitness Mandate

Want to lose weight and get in shape for the New Year?

Move to Maryland.


A local (LaVale, Maryland) gym owner wants the Maryland General Assembly to support the Personal Health Investment Today Act which allows residents to use flex and health savings accounts "purchase fitness club memberships and equipment".


Sounds great, right?

While such a move is noble, how do you rectify the use of qualified funds in a federally tax favored account to pay for these things when the U.S. Treasury does not allow such a use?

Using your HSA to fund expenses that are not allowed means you must pay a tax and penalty.

I don't suppose anyone thought this through.
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