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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HSA Excess Tax Question

I over contributed to my 2023 HSA in January 2024, and already had the excess and the earnings distributed to me in February 2024. The excess contribution was $30.76 and the earnings were $0.76. For ...
Mikayla B's user avatar
0 votes
1 answer
74 views

Buying REITS in your Healthcare HSA?

I have a healthcare HSA account through work and am trying to figure out an investing strategy that makes use of the triple tax advantages of an HSA, does grow a decent amount faster than inflation ...
Dan Csharpster's user avatar
3 votes
1 answer
331 views

Can my spouse use her HSA funds to pay for insurance premiums if she lost her job?

My wife was recently laid off and will be joining my health insurance plan that I have through my employer. She's on a visa, so will not be claiming any unemployment benefits. Since my insurance will ...
mathemagician's user avatar
1 vote
2 answers
95 views

Unexpected contribution to HSA after joining Medicare

In November 2023 I applied for Medicare Part A (the same month I turned 65) A few months prior to November 2023 I instructed my employer to stop the payroll deductions to my HSA account. Payroll ...
Sprph58's user avatar
  • 11
1 vote
1 answer
104 views

Excessive HSA employer contribution corrected within the same calendar year: do I have to report it in my tax form (if so, how?) and will I get fined?

I live and work in the USA. My employer erroneously made an excessive employer contribution to my HSA, which was corrected within the same calendar year, specifically 2 days after the excessive ...
Franck Dernoncourt's user avatar
6 votes
3 answers
1k views

Would funding a Fidelity HSA from a bank account instead of direct deposit incur extra taxes?

While opening a Health Savings Account with Fidelity, I was asked whether I wanted to add money to my account by either linking a bank account or directly depositing my paycheck. My understanding was ...
Stevoisiak's user avatar
2 votes
2 answers
134 views

Can only the individual version of this health plan be a High-Deductible Health Plan?

I'm looking at a health insurance plan that has a deductible of $3000, for each person enrolled. If you enroll one person, it pays out when that person has $3000 or more of medical expenses. If you ...
interfect's user avatar
  • 159
1 vote
1 answer
137 views

Use HSA for medical expenses or save it for investment?

If investment growth using an HSA account is not subjected to taxes, then isn't it better to invest using HSA than investing on stock platforms like Fidelity or Robinhood? When I use the funds in the ...
Lacie's user avatar
  • 169
1 vote
1 answer
97 views

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 ...
Fuzzy's user avatar
  • 59
0 votes
1 answer
116 views

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.
James Burtner's user avatar
10 votes
2 answers
2k views

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. ...
James Dunn's user avatar
4 votes
3 answers
419 views

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 ...
Dan the Man's user avatar
1 vote
1 answer
41 views

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. ...
neo's user avatar
  • 335
3 votes
1 answer
449 views

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 ...
user1723699's user avatar
  • 2,113
3 votes
1 answer
836 views

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 ...
BVernon's user avatar
  • 183
0 votes
1 answer
64 views

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 ...
Kyrie in CA's user avatar
5 votes
1 answer
218 views

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 ...
Bob's user avatar
  • 1,689
23 votes
1 answer
5k views

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 ...
user100487's user avatar
3 votes
1 answer
138 views

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 ...
user1993951's user avatar
2 votes
2 answers
93 views

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 ...
Avi's user avatar
  • 21
2 votes
1 answer
273 views

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 ...
personal_cloud's user avatar
3 votes
1 answer
752 views

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 ...
Franck Dernoncourt's user avatar
-1 votes
2 answers
212 views

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 ...
Franck Dernoncourt's user avatar
2 votes
3 answers
104 views

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 ...
Joris Kinable's user avatar
2 votes
1 answer
639 views

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 ...
Andrew D's user avatar
28 votes
2 answers
8k views

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 ...
ShadowRanger's user avatar
2 votes
2 answers
117 views

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, ...
Nosjack's user avatar
  • 8,495
0 votes
2 answers
305 views

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 ...
Cindy T's user avatar
  • 11
3 votes
1 answer
103 views

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/...
Fraser Orr's user avatar
0 votes
0 answers
36 views

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 ...
Ben's user avatar
  • 1
21 votes
7 answers
6k views

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 ...
Melissa P.'s user avatar
0 votes
0 answers
40 views

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 ...
DotNetRussell's user avatar
1 vote
1 answer
351 views

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....
Sid Anderson's user avatar
2 votes
2 answers
84 views

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-...
paulj's user avatar
  • 1,109
2 votes
0 answers
79 views

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 ...
paulj's user avatar
  • 1,109
6 votes
1 answer
163 views

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 ...
Daniel's user avatar
  • 5,330
3 votes
2 answers
426 views

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 ...
Sergey's user avatar
  • 133
3 votes
1 answer
87 views

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 ...
Jason S's user avatar
  • 792
1 vote
2 answers
130 views

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 ...
user108251's user avatar
4 votes
1 answer
253 views

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?
mike 's user avatar
  • 43
7 votes
3 answers
2k views

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 ...
Reid's user avatar
  • 197
9 votes
2 answers
1k views

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 ...
user10378061's user avatar
2 votes
1 answer
76 views

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 ...
Casey in NY's user avatar
7 votes
3 answers
765 views

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 ...
trying2code's user avatar
8 votes
2 answers
1k views

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 ...
Ian Dunn's user avatar
  • 271
2 votes
1 answer
600 views

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 ...
twink_ml's user avatar
  • 123
0 votes
1 answer
196 views

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. ...
kelly's user avatar
  • 1
1 vote
2 answers
96 views

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 ...
minou's user avatar
  • 7,516
12 votes
1 answer
330 views

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 ...
Hank's user avatar
  • 121
1 vote
0 answers
145 views

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-...
Franck Dernoncourt's user avatar

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