Questions tagged [hsa]
For questions that relate to health savings accounts in the USA and health spending accounts in Canada, and any similar accounts in other jurisdictions. Must include an appropriate country tag.
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Qualifying for an HSA contribution
There are two basic criteria to check if your health insurance qualifies for HSA contributions. (There are details on the IRS website.)
Minimum annual deductible (single person): $1,500
Maximum ...
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Change an HSA to HRA?
Hi How do I stop my HSA and start an HRA? I will be getting Medicare next February. I am on SS disability. I have a High Deductible health plan and want to keep it.
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Can I switch from FSA to HSA mid-year while switching employers?
From January through March this year, I was employed by Employer A and had an FSA set up for $500. I have spent all of the FSA. Starting the first week of April, I have been employed by Employer B. ...
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HSA - Date Expense Incurred - Multiple Dates
I have a bill from my doctor for 2 services, one was performed in January and the other was in March. I have had my HSA for several years and these are qualified medical expenses. Since I have a ...
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Non-medical HSA withdrawal and a subsequent HSA deposit for previous year tax reduction
The U.S. Health Savings accounts allow for a withdrawal for any purpose, but when used for something else than approved medical expenses, the withdrawal is subjected to taxes and a 20% penalty.
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HSA and Concierge Medicine
I currently have a high deductible healthcare plan and max out my HSA. I am looking for a primary care doctor and have decided to use a concierge doctor. On the doctor's website it says:
Insurance ...
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Do you really get double penalized for rolling HSA excess contributions to the next year?
I'm filing my taxes with HR Block and I'm concerned that what I'm being told about my excess HSA contribution may not be accurate. I'm told that if I roll the excess into the next year then:
I pay ...
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Dual insurance question
Here is the scenario: I am about to retire from the state of CA, but I will retain my State of CA health insurance (PPO--Anthem PERS Gold). I am going back to federal employment, and I have several ...
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IRA to HSA transfer - do the funding limits apply?
A person has $60,000 in his traditional IRA with a cost basis of 0. He has the right kind of health insurance. Can he do a one time transfer of the $60,000 to his HSA? That is, do the normal HSA ...
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If I use HSA to make an emergency payment for rent, how would I inform the IRS of that?
Some background: The house I was renting was made unlivable due to an apparently exploding sewer pipe and resultant sinkhole. I am currently living in a hotel while looking for a suitable apartment.
I ...
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Whether or not to take HSA distribution?
Our situation: my wife and I (both 30) are expecting to incur substantial health expenses this year for some upcoming dental surgeries she needs, somewhere in the range of $12k-$14k. We're currently ...
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Health Savings Account Eligibility
I am in United States on work visa and want to set up a HSA account. I have insurance from my employer and need to know I am eligible for HSA account. I contacted the insurance company 3 different ...
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Is writeoff gone forever if I trigger a wash sale by repurchasing in an HSA?
I sold 20 contracts of XYZ call option spreads at a total loss of $25,000 in a taxable account. The next day I bought 10 shares of XYZ in my HSA (oops - I hadn't realized that this counts as a wash ...
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Can one buy I bonds within an HSA (Health Savings Account)?
I read:
You can’t buy I bonds within an IRA or employer-sponsored savings plan, such as a 401(k) plan. You’ll need to buy I bonds with money that you didn’t save in these programs.
Can one buy I ...
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Where can I see my interest and dividends earned as well as net capital gain/loss for my Fidelity HSA last year?
As I was a tax resident of California in 2021, I must report the interest and dividends earned as well as net capital gain/loss for my HSA account, which is managed by Fidelity:
Where can I see my ...
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How to compare investment options for HSA
I'm having some trouble comparing ETFs or other index funds. I have some money in a Health Savings Account which I would like to automatically invest and use when I'm old and in need of care. One ...
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Do I need to include Schedule 1 & 2 with my federal tax return if all values are zero?
Since I have an employer sponsored HSA for the first time in 2021, I have completed form 8889 to report the employer and pre-tax contributions (auto deducted from my paycheck) that I made throughout ...
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What happens if you violate an IRS limit by less than 50 cents?
Not entirely sure how, but between pass-through contributions, payroll deductions, and a manual contribution at the beginning of last year that was supposed to cover the gap caused by the inability to ...
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Where should I report HSA contributions from insurance (not me or my employer)
I make regular contributions to my HSA through my employer payroll, which is reported in my W2 at the end of the year. I also occasionally make contributions from my bank account up to the annual max, ...
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How do i correct an HSA contribution on my taxes?
In March of 2021 I deposited $8000 into my HSA account but am now being told by my custodian that it went toward my 2021 contribution, not the 2020 as I intended, which follows the same pattern I have ...
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Setting up an HSA
I am trying to set up an HSA (obviously this is in the USA.) I have a small business with a single employee and I am pretty sure my heath insurance plan is considered high deductible (individual/...
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Have a HDLC health insurance with a $4000 benefit going into a HSA. Just found out I am not eligible for the HSA. How to rectify
Did not know I was not eligible for HSA as I have had Medicare for several years. The $4000 dollars the company put into the account has been used as my wife had major surgery. There is a $3000 ...
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Are the HSA and FSA bad deals?
As I understand it, the HSA and FSA accounts are intended to provide individuals with a way of not paying tax on money they spent on healthcare. The individual sets up the account to receive a portion ...
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Can you take a disbursement from your HSA account long after a procedure? [duplicate]
Assuming that an hsa qualified health care plan is in effect:
Can you do the following?
Get a procedure that is covered and pay out of pocket for it
After the procedure save up money in your HSA
Take ...
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How significant is the tax penalty for HSA contributions for the 6 months prior to Medicare enrollment?
I qualify to enroll in Medicare in 2 months. I am learning about the 6 month look back period for HSA contributions. For the last 6 months, I and my employer together have contributed $1,200 to my HSA....
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Electing Cobra with HDHP after layoff
I have researched that if a COBRA plan is a HDHP, one can continue to contribute to their HSA.
How would one contribute to HSA pre-tax if laid-off?
Or
Would the HSA contributions be deducted on tax-...
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Has there been any studies or economic theories regarding HSA and whether to save/spend
HSA have triple tax advantage:
Pre-tax contributions
Tax-free growth
Tax-free withdrawals for medical expenses
If one planned to only use this money for medical expenses after retirement (62), is it ...
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Does a qualifying life event require changing retroactively to the date of the event?
My employer offers several insurance plans, including both a low-deductible plan and a high-deductible HSA plan. Suppose my family was planning to have a baby in the middle of next year. Would it be ...
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Borrow and return HSA funds in same tax year - taxes and/or penalty?
I've had an Health Savings Account for several years now, and I know I can only take out funds from it for qualified medical expenses.
I'm wondering if there will be any taxes and/or penalties if I do ...
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Medical transportation expenses (mileage) for an elderly relative
We have driven an elderly relative to her medical visits, because she cannot drive herself, and needs help communicating with medical staff. She is not our dependent, however.
We have a Health Savings ...
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New HSA contribution deadline for previous tax year
I had a qualifying event which resulted in a new High Deductible Health Plan (HDHP) with new HSA active as of 2021-01-01. I've been making contributions pre-tax through my employer every paycheck. Can ...
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HSA amount contributed by employer missing on W-2
I received my W2 and there is nothing listed for HSA contributions. I did not contribute anything; however, my employer did contribute $3500 to it. Do I need to report anything when I file my taxes?
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Put lump sum into HSA
I have an HSA account that I currently have setup through my employer to do that max bi-weekly contribution possible, however, I have recently had some medical issues come up, and I have nearly ...
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Can I reimburse medical expenses using funds added to HSA in a later year?
I have a question about whether I can use HSA to reimburse the following kind of qualified medical expense -
Year 1 - I add $3000 to my HSA account
Year 1 - My qualified medical expense is $4000
Year ...
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How do I get my HSA custodian to fix this contribution date error?
On December 18, 2019, I set up an auto deposit, in the custodians site, of approximately $5000 into my HSA to occur on 12/31/19 for CURRENT YEAR contribution. Funds were taken from my checking ...
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Which is best: Invest HSA money using employer sponsored account or old HSA account
Our company was recently acquired. I'll call it Company A acquired Company B.
I have an HSA account with Company B. There is around $6,000 in there. Company A acquired Company B and now we have a new ...
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Why are excess HSA/IRA/401k/etc contributions allowed?
I accidentally made an excess contribution to my HSA (or my employer or HSA custodian made a mistake, it's still not clear). I know what I need to do to correct it, but I'm curious, why is that ...
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Can I use my Health Savings Account to pay for medical bills before insurance reimbursement?
This answer establishes that Health Savings Accounts (HSA) can be used to pay for co-payments and deductibles.
Suppose that instead footing a co-payment bill with my HSA debit card, I use my HSA to ...
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My employer withdrew money from my HSA. What recourse do I have?
I have had constant issues with my employer and HSA contributions.
They mistakenly withdrew money from my HSA account. All my HSA contributions are employee contributions, taken out of my salary. ...
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Use HSA to pay for previous medical expenses? [duplicate]
I'll be starting an HSA for the first time on Feb. 1. I have significant medical bills for treatment in December.
Can I deposit money into the HSA on Feb. 1 and then use the HSA to pay the bills for ...
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How do I solve an accidental violation of Medicare's 6-Month look-back HSA contribution prohibition?
I'm 67 and worked past 65, not enrolling in SS, Medicare A or B. Therefore, I contributed to my corporate HSA through October 2020. I stopped contributing immediately when, upon my research, I heard ...
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What are the trading restrictions, if any, when investing within my Health Savings Account (HSA)?
I wonder whether there any trading restrictions when investing within my Health Savings Account (HSA).
https://www.loyola.edu/-/media/department/hr/documents/benefits/health-wellness/medical/hsa-...
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How to contribute to HSA with after-tax income and regain taxes paid?
The payroll department screwed up at my company and didn't withdraw the final HSA contribution from my check for the purpose of depositing it into my HSA account. Their solution: just deposit into ...
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HSA and Medicare
I am 65 and was not planning to retire until 70. I am participating in high deductible healthcare at work and was contributing to a HSA until September 2020 when I was offered early retirement. The ...
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Where can I find a definitive list of FSA/HSA qualifying expenses?
I was recently informed that the Coronavirus Aid, Relief, and Economic Security (CARES) Act expanded the list of eligible HSA/FSA expenses to include things such as feminine hygiene products and over ...
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I started a new job, want to switch my wife to my new insurance. Can I open an HSA if she had an FSA on her previous plan?
I've been searching for a clear-cut answer to this for a while, to no avail. My employer benefits advisor's guidance was unsatisfactory, and my CPA hasn't gotten back to me about it. And so...once ...
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Does the benefit of a HDHP with an HSA disappear if the premium is the same as a PPO plan
I'm comparing a couple of different health insurance plans as part of open enrollment at work. Based on answers to some other questions as well as my own analysis, high-deductible plans with an HSA ...
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Can I afford to take this job's high-deductible health care plan?
I don't have the job offer yet, but one of the jobs I'm looking at would offer me only a high-deductible health insurance plan with an HSA (I don't knw what the deductible is exactly yet). However, ...
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Can I close my money in HSA and transfer it to another bank account and use it for non-medical purpose?
In the US, I have funds in my HSA account. If I were to close the account, transfer the funds into another bank account and move out of the US. Can I use the funds from this new account for non-...
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Am I HSA qualified if I am covered on two health plans, one of which is not high deductible?
I am trying to figure out whether I am legally permitted to open an HSA account. Here is the background: I am the primary account holder on a high deductible health care plan which comes with an HSA ...
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