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Question
do i have to pay taxes on hsa gains in the state of california
AI accountant’s answer:
In California, HSA contributions, earnings, and distributions aren't treated the same way as they are at the federal level. California does not conform to the federal HSA rules, so any earnings or gains within the HSA may be subject to California state income tax. Also, contributions to your HSA are not deductible for California state income tax purposes. When filing your California state tax return, you will need to include any taxable HSA gains as part of your state taxable income. It's essential to maintain accurate records of your HSA contributions, gains, and withdrawals to ensure proper tax reporting on your California tax return.
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Michael Eaton, CPA
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