HCSAccount 2016 Tax Savings Calculator


Use this form to calculate your potential tax savings by enrolling in a HCSAccount in 2016.  You will need your 2014 Federal and State tax returns to use this form.
  Note: All items are required to perform this tax savings comparison
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1.  Choose your place of residence:
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2.  Enter Your Expected 2016 Qualifying Expenses:

For tax year 2016, the HCSAccount can be used up to $2,500 for unreimbursed health care expenses for you, your spouse, and your tax dependents.
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3.  Choose your tax filing status:
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4.  Enter your State Salary & Wages as of January 1, 2016:
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5.  Enter your Federal Adjusted Gross Income (FAGI) from your 2014 Federal Tax Return (From 2014 Form 1040, Line 37; 1040A, Line 21; 1040EZ, Line 4)1 or Estimated 2016 FAGI:
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6.  Enter your New York Adjusted Gross Income (NYAGI) from your 2014 New York State Tax Return (From 2014 Form IT-201, Line 33)1 or Estimated 2016 NYAGI:
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7.  Enter your Federal Taxable Income (FTI) from your 2014 Federal Tax Return (From 2014 Form 1040, Line 43; 1040A, Line 27; 1040EZ, Line 6)1 or Estimated 2016 FTI:
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8.  Enter your New York Taxable Income (NYTI) from your 2014 New York State Tax Return (From 2014 Form IT-201, Line 37)1 or Estimated 2016 NYTI:
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Red Arrow Calculate Tax Savings   Red Arrow Clear Form

1If you participated in the HCSA program during the tax year from which this data is taken, be sure to increase this amount by any excluded amount.

Links

Federal - Internal Revenue Service (www.irs.gov)
New York State - New York State Department of Taxation & Finance (www.tax.ny.gov)

Accuracy Statement

The information contained herein does not constitute tax advice. The estimates provided are based on income and expense data provided by the applicant and Tax Laws in effect as of July 1, 2015. Actual benefits may vary depending on the taxpayer's particular situation. For more accurate information on your specific situation, please consult your tax advisor.

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Andrew M. Cuomo, Governor