Question

Which of the following statements regarding Health Savings Accounts is incorrect? All taxpayers are eligible to...

Which of the following statements regarding Health Savings Accounts is incorrect?

All taxpayers are eligible to establish a health savings account.

Taxpayers are allowed to deduct contributions to a health savings account for AGI.

Distributions from a health savings account are excluded from gross income if used to pay qualified medical expenses.

Health savings account contributions are limited to the lesser of 100% of annual deductible under a high-deductible health plan or $3,500 in 2019 for taxpayers without family coverage.

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