Open a Montana Medical Savings Account before Dec. 31 for 2018 income tax savings

By Marsha A. Goetting, Ph.D., CFP®, CFCS, [email protected], Montana State University Extension family economics specialist

Have you had any medical expenses so far this this year that haven’t been covered by your health insurance policy or a flexible spending accoun? If you said yes, did you know you can open a Montana Medical Care Savings Account by Dec. 31 to cover those expenses and save state income taxes? If you establish an MSA and deposit up to $3,500, (the maximum in 2018) you can reduce your 2018 Montana adjusted gross income by that amount and resulting in a tax savings of about...