Medical Savings Account
An Idaho Medical Savings Account (MSA) allows you to save for medical expenses and nursing home costs while reducing the amount of Idaho income tax you owe. An individual can contribute up to $10,000 each calendar year and a married couple filing jointly can contribute up to $20,000. These deductions can be taken only on your Idaho income tax return; they do not apply to federal returns. For further information, please consult your tax advisor or the Idaho State Tax Commission at (800)972-7660 or (208)334-7660.
The minimum balance required to open this account is $5.00. You must maintain a minimum average balance of $50.00 in your Medical Savings account to obtain the disclosed annual percentage yield.