H. R. 7693 proposes changes to the Internal Revenue Code of 1986 to allow health savings account (HSA) funds to be used for funeral expenses without tax penalties. The bill outlines what counts as funeral expenses, such as burial, cremation, or other related costs, with a...
Simple Explanation
H. R. 7693 is about letting people use money saved in their special health accounts to help pay for funerals when someone passes away, without having to pay extra taxes. There's a limit though: They can only use up to $5,000 for this, and they have to be careful to use it properly within a short time after the person has died.