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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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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1 vote
3 answers
94 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 ...
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1 vote
1 answer
56 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 ...
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28 votes
2 answers
7k 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 ...
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0 votes
1 answer
68 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, ...
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  • 7,998
0 votes
2 answers
89 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 ...
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  • 11
3 votes
1 answer
80 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/...
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0 votes
0 answers
31 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 ...
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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 ...
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0 votes
0 answers
35 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 ...
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1 vote
1 answer
82 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....
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2 votes
2 answers
73 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-...
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  • 1,021
2 votes
0 answers
72 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 ...
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  • 1,021
0 votes
0 answers
17 views

HSA transfers after rollover within past 12 months

Can HSA assets that have been rolled over within the past 12 months be transferred without tax implications? Request a rollover distribution from Custodian A Deposit funds distributed by Custodian A ...
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  • 1,199
6 votes
1 answer
90 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 ...
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  • 5,260
2 votes
2 answers
89 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 ...
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  • 123
3 votes
1 answer
77 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 ...
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  • 792
1 vote
2 answers
89 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 ...
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4 votes
1 answer
70 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?
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  • 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 ...
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  • 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 ...
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2 votes
1 answer
65 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 ...
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7 votes
3 answers
754 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 ...
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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 ...
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  • 250
2 votes
1 answer
158 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 ...
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0 votes
1 answer
165 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. ...
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  • 1
1 vote
2 answers
64 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 ...
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  • 7,022
12 votes
1 answer
167 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 ...
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  • 121
1 vote
0 answers
50 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-...
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1 vote
1 answer
68 views

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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  • 857
4 votes
1 answer
103 views

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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  • 41
2 votes
1 answer
57 views

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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  • 121
4 votes
2 answers
201 views

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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2 votes
4 answers
190 views

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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  • 123
12 votes
3 answers
4k views

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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  • 1,299
6 votes
1 answer
1k views

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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  • 1,029
4 votes
1 answer
457 views

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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  • 153
4 votes
1 answer
110 views

I am 66 and am not yet enrolled in Social Security or Medicare Part A or B. I am currently employed and have a HSA

I am 66 and am not yet enrolled in Social Security or Medicare Part A or B. I am currently employed and have a HSA with semi-monthly contributions taken out of my paycheck. It is currently October ...
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  • 41
4 votes
2 answers
232 views

How does the IRS expect HSA "receipts for medical expenses" to look in praxis?

When you reimburse yourself for medical expenses, you are required to keep 'records', to prove that the expenses were falling in the allowed medical cost classes. In case of an audit, you need to be ...
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  • 36.7k
4 votes
3 answers
154 views

Why does federal law only allow HSA contributions if you have a HDHP?

According to the IRS, you are only allowed to contribute to a Health Savings Account if your current health insurance is a high-deductible plan. Currently, the minimum requirement for the deductible ...
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  • 7,998
7 votes
1 answer
226 views

After a Divorce, may I use my HSA to Pay Spouse's Medical Bill that Occurred Prior to Divorce

I am recently divorced (in Iowa). My spouse got a large bill in the mail covered by insurance for an emergency room visit. She still owes money even after insurance paid a portion of the bill. I'm not ...
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2 votes
1 answer
86 views

HSA Contributions without relation to employment

Can I make contributions to my HSA account that I have from an old employer? I still use the account to buy/pay medical stuff. I would like to have a little more money in there when I'm investing with ...
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  • 179
1 vote
0 answers
26 views

Deadline for withdrawing excess HSA contributions

Due to changing jobs, I've exceeded by HSA contribution for 2018 by several thousands of dollars. I went to a tax preparer and we've filed form 5329 for tax year 2018 to pay 6% tax on that excess. ...
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  • 389
2 votes
1 answer
137 views

HSA/FSA eligibility and Last Month Rule

Spouse has had an HSA eligible plan but because I had an non-limited FSA throught my employer we had not been able to contribute to the HSA. Last year we decided to get rid of the FSA, the FSA ...
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  • 123
0 votes
0 answers
204 views

Forgot to file form 8889 with HSA self contribution of only $0.01, what's the consequences if I don't file amended return?

I filed a 1040NR-EZ tax return in 2018. later on I realized that I had an HSA opened in 2017 which requires Form 8889 and the non-simplified 1040NR to be filed. my own HSA contribution was $0.01. I ...
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  • 1
8 votes
3 answers
407 views

How to determine how much to keep in a health savings account

We are a family of healthy people (30s/40s, kids in elementary/middle school). I've got an automatic contribution for my health savings account. The balance grows and grows. We've barely had a chance ...
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2 votes
1 answer
241 views

How do I know whether to classify HSA income as dividend or interest?

I live in California, where the interest and dividends earned in an HSA are taxable. They need to be reported on the Schedule CA (540) on line 2 (taxable interest) and line 3 (ordinary dividends). I ...
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  • 436
4 votes
2 answers
151 views

Will changing HSA custodians result in losing investment value?

My HSA custodian was acquired by another custodian, and they're planning to liquidate my investments at the old custodian, and then transferring that into a money market at the new custodian. At that ...
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  • 250
4 votes
2 answers
927 views

Opening an FSA with dormant HSA

A long time ago, I opened an HSA account. Now my employer is offering me an FSA account. So long as I don't contribute to the HSA account, can I keep it for later and only contribute to the FSA ...
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  • 143
2 votes
1 answer
242 views

If my HSA contributions are already deducted on W2, should I still deduct it from Schedule 1, Line 12?

All of my HSA contributions were made through salary reductions last year, so they already show up on my W2 as such. Thus, if I claim HSA contributions on Line 12 of Schedule 1, it seems like I am ...
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