MSU Extension Suggests Opening Montana Medical Care Savings Account By Dec. 31 To Save On State Income Taxes
For example, if a person has taxable income over $18,400 they could save approximately $276 in state income taxes by opening an MSA and depositing up to $4,000. The MSA earns interest free from Montana income taxation and the balance at the end of the year rolls over for use in the future. Funds must be deposited by Dec. 31.
Goetting added that an MSA can also be a legacy. By placing a payable-on-death