For High Deductible Health Plan (HDHP) Medical Savings Account (MSA) purposes, compensation generally includes the income you earn from providing services. This can include:
- Wages and salaries
- Professional fees
- Commissions
- Bonuses
- Tips
- Other taxable pay for work you performed
Where Can I Find My Compensation Amount?
In most cases, you'll find your compensation information on the Form W-2 you receive from your employer.
What If I'm Self-Employed?
If you're self-employed, enter the earned income from the trade or business under which the HDHP was established.
Generally, earned income is the net income you receive from your business after allowable business expenses. Using the correct earned income amount helps ensure your MSA information is reported accurately on your tax return.