One of the most brillian investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
The thing that gets me about the HSA plans, at least in my state, is that the premiums are 20% more than all the other "bronze" plans. Additionally, the "high deductible" in my state is $7,000 per person so they really sock it to you. Where I moved from it was $17,500 so you can guess that the premiums for those plans were lower by quite a bit as the deductibles were higher. A $7,000 deductible for an HSA plan is a joke! We are literally saving and planning our investment to make sure we can bridge a financial gap but the deductibles are so low where i live.
I just stumbled on your show and WOW!! Late to the game, but definitely looking into alternative ways of making my money work for me, not work for my money lol. Just scheduled a call for tomorrow with directIRA to see what my options are. Thanks for putting this together
So if your kids are the beneficiary, it immediately morphs into an ira for that 10 year distribution ruling? Everywhere else I’ve seen says it is taxable to them in the year of death.. is that a new ruling or something ? TIA
If my employer doesn't offer an hsa and I open one on my own then all contributions are going in after I've been taxed. What if any tax help is available? Say I contribute my family 8300 per year. All that is after tax dollars. Which stinks.
When you file your tax return there is a question about HSA/ retirement accounts which would lower your tax liability for the year only traditional IRA would qualify for the deduction
@@nunyabiz948you could be with your employer, then transfer your HSA to your own account and invest. I did this from Optum to Fidelity although every transfer Optum will deduct $20-25 from the fund.
I am in CA and I have an HSA account with HealthEquity which does have somewhat limited investment options, but there are index fund, which I prefer as the fees are lower..
I have an hsa with healthEquity. I just found out that they offer a Schwab account where you can transfer your HealthEquity money for additional investments. I had to login to health equity on a computer to find this option.
I'd recommend doing a trustee to trustee transfer into a fidelity HSA account(you can create one for free). Fidelity has no management fees that you get with health equity(0.36%/yr) and you have MUCH more investment options. The only con is that you have to fill out online forms to start the transfer process every time. As a result, I roll the money over about once every two months. But I've been doing it and it's worth it the extra time. Completing the forms only takes about 3-5 minutes each time. Unfortunately there's no way to automate it. QQQM and VOO for the win. 😁
@@adabamas The contributions are not deductible, is what you meant to say? Yes, states vary on how they conform to federal rules. Distributions from the HSA are deductible as medical expense for CA though.
Two questions: 1) regarding the IRA rollover to an HSA; would that work for an inherited IRA and therefore avoid paying taxes on the inheritance? 2) If at age 65 I can roll my HSA into an IRA does have to be a traditional IRA or can it be a Roth. If it's traditional then I'll be taxed on withdrawals, correct?
As long as the funds in the HSA are used for qualifying medical expenses, then they won't be taxed. They said you can use a roth, but using a traditional is better because you get to use the funds without being taxed (again for qualified medical expenses).
just my thoughts. #1: inherited IRA. Govt wants its money. also, was the decedent paying RMD before they died. You must continue taking at least inherited RMD (was suspended during COVID but coming back. Good inherited RMD chart in Vanguard website). #2: Only a once in lifetime from your CONTRIBUTION that year. Your tax free Traditional IRA limit but sent to HSA
Gents, AnyHSA I set up now will bw effective Jan 1, correct? If so, can I only put in money for 2023 if I had an HSA in place for this year that I haven't funded yet?
Watched your video and shopping for an HSA qualified insurance plan now. Just to clarify, I need the plan set up by December 1st, but then have time to set up my HSA account or does that need to happen by the 1st too?
you stated that if you hold an hsa insurance any point ofo the year you can make the full contribution. this is not true. according to the irs you have to hold the insurance on december 1st. Am I interpeting that correctly?
I have HMO healthplan with $0 deductible but $4k max Out of pocket annually for family, can I contribute to HSA 16k for 2024 & 2025? Please advise. thank you
You must be enrolled in a qualifying HDHP (high deductible health plan) whether that’s via employer or self enrolled via Heath Exchange (healthcare.gov)
Well the IRS can audit us and come back with penalties years later, so can’t we go back and say “hey you didn’t pay me for my health deductions because I’m a business owner”? Or they get to do things but we don’t?
As an employer, can I find the HSA for my employees? Or myself? Does it need to be categorized a certain way when contributing from the business to my own personal HSA
You can still use withdrawals tax free for medial expenses, but after 65 you can spend the money on other things but you might create a taxable event in that case. There are a few things that you can use HSA withdrawals for after age 65 without a taxable event. Paying Medicare premiums can be paid from HSA account without causing a taxable withdrawal. There are some other things you can pay for as well, but.....check with your tax advisor for your situation
@@mjs28s Also, there is no RMD from HSA even if you want to use some for ordinary income distribution like IRA but want to keep the remainder in HSA after this
Hello! I'm an MSCTA here - trained by Mark. Anything covered by Publication 502. For gym memberships, the dues themselves are not able to be medical expenses. However, if you are doing weight loss activities and following the order of a doctor because you have a medical diagnosis (obesity, hypertension, heart disease etc). You will need a letter of medical necessity (LOMN) in order for these to qualify as qualified deductions.
Hmm. S Corp here (with employees) Wife is the “owner” at 98.5%. I’m the non owner at 1.5%. Sounds like the S corp can make tax free contributions to MY HSA.
I started HSA around June of this year. So does that mean I can contribute the full amount or just the months I have the high deductible health plan? I put in $345 per month ($4150/12)
@@kathyking3579 In another channel, someone mentioned that I have to prorated to just the months that I have HSA. Otherwise people can open an HSA in Dec and contribute the entire amount. Confused.
are you talking about your HSA health insurance plan premium or contribution? since he said $8,000 I am guessing it is the premiums. Is there a tax software these can be done or this level of stuff is done manually by experienced professionals only? Thx
IRS Publication 969 states, in short but read it fully to make sure you get it from the IRS' mouth: Yourself, your spouse (regardless of whether you file taxes jointly or separately), any HSA eligible dependents you claim on your tax return (your children, or a qualifying relative dependent) and any children who are claimed on your ex-spouse's tax return, anyone you could have claimed as a dependent, but weren't able to because he or she filed a joint tax return (for example, your married teenage kid who files a joint return with his or her spouse) earned more than $5,050 (in 2024), or you (or your spouse, if you file jointly) could be claimed as a dependent on someone else's tax return As long as the person is in one of the above categories, you can reimburse yourself for the cost of their qualified medical expenses with tax-free money from your HSA - or spend your HSA money on their qualified health expenses using an HSA card (using an HSA card eliminates the need for reimbursements). It doesn't matter whether the person was covered under your HDHP, or even whether they had health coverage at all.
One of the most brillian investing advice i have ever gotten on youtube came from watching an interview with Julianne Iwersen Niemann. Indeed, A solid investment strategy is like a well-planted tree-it can withstand storms and still grow strong
That's great advice! Julianne Iwersen Niemann's perspective on investments as a long-term growth strategy, much like a well-planted tree, is a solid analogy. A good investment strategy should be resilient enough to endure market fluctuations while still growing over time. It's essential to have a strong plan that balances risk and reward, much like cultivating a tree that thrives even in tough conditions. Working with a seasoned expert like Julianne can help ensure your financial decisions lead to sustainable growth.
I’ve heard of her
How can i reach her, if you don't mind me asking?
her name is 'JULIANNE IWERSEN NIEMANN'. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
Thanks for sharing, I just liquidated some of my funds to invest in the stock market, I will need every help I can get.
The thing that gets me about the HSA plans, at least in my state, is that the premiums are 20% more than all the other "bronze" plans. Additionally, the "high deductible" in my state is $7,000 per person so they really sock it to you. Where I moved from it was $17,500 so you can guess that the premiums for those plans were lower by quite a bit as the deductibles were higher.
A $7,000 deductible for an HSA plan is a joke! We are literally saving and planning our investment to make sure we can bridge a financial gap but the deductibles are so low where i live.
are you in CA? :)
I just stumbled on your show and WOW!! Late to the game, but definitely looking into alternative ways of making my money work for me, not work for my money lol. Just scheduled a call for tomorrow with directIRA to see what my options are. Thanks for putting this together
Down the road can you switch to a non-HSA qualified plan and keep the HSA account? I assume yes, you just can’t contribute that year.
Excellent info, thanks so much guys, you really have excellent videos.
I’ve been banking my HSA expenses and there have been 2 years I maxed out my deductible from a knee and shoulder surgery
What if you don’t have an s-corp, but just self employed. Is your HSA contribution still tax deductible?
Yep, deductible on your 1040, schedule 1, doesn't matter if you have a business or not, it is part of your health insurance plan. :)
If you are a dependent on a qualified insurance plan can you also invest and set up your own HSA account?
Great Video as always Gentlemen!
Love my HSAs.
Warm regards,
J. Gold
US Naval Veteran
MBA, MSF
This information was absolutely amazing. Thanks
Where do you even get these HSA qualified plans that doctors accept? They are terrible usually. I shop at NY marketplace
Is it more beneficial to do the once in lifetime rollover sooner rather than later as approaching age 65? So that it has more time to grow?
So if your kids are the beneficiary, it immediately morphs into an ira for that 10 year distribution ruling? Everywhere else I’ve seen says it is taxable to them in the year of death.. is that a new ruling or something ? TIA
If my employer doesn't offer an hsa and I open one on my own then all contributions are going in after I've been taxed. What if any tax help is available? Say I contribute my family 8300 per year. All that is after tax dollars. Which stinks.
When you file your tax return there is a question about HSA/ retirement accounts which would lower your tax liability for the year only traditional IRA would qualify for the deduction
That's exactly why I won't move out of my employer's plan. Investing options are ok, but could be better.
@@nunyabiz948you could be with your employer, then transfer your HSA to your own account and invest. I did this from Optum to Fidelity although every transfer Optum will deduct $20-25 from the fund.
I am in CA and I have an HSA account with HealthEquity which does have somewhat limited investment options, but there are index fund, which I prefer as the fees are lower..
I have an hsa with healthEquity. I just found out that they offer a Schwab account where you can transfer your HealthEquity money for additional investments. I had to login to health equity on a computer to find this option.
You owe taxes if you're in CA though.
I'd recommend doing a trustee to trustee transfer into a fidelity HSA account(you can create one for free). Fidelity has no management fees that you get with health equity(0.36%/yr) and you have MUCH more investment options.
The only con is that you have to fill out online forms to start the transfer process every time. As a result, I roll the money over about once every two months. But I've been doing it and it's worth it the extra time. Completing the forms only takes about 3-5 minutes each time. Unfortunately there's no way to automate it.
QQQM and VOO for the win. 😁
@@adabamas The contributions are not deductible, is what you meant to say? Yes, states vary on how they conform to federal rules. Distributions from the HSA are deductible as medical expense for CA though.
@@sonjamccart1269 I meant in terms of yearly taxes. For CA you'd owe state tax on any capital gains or dividends each year.
You make very informative videos
How do you invest your employer sponsored HSA? Is that possible?
Yes. My employer uses Cigna that has investment options. You should have a link to the investment options on your HSA website page.
Two questions: 1) regarding the IRA rollover to an HSA; would that work for an inherited IRA and therefore avoid paying taxes on the inheritance? 2) If at age 65 I can roll my HSA into an IRA does have to be a traditional IRA or can it be a Roth. If it's traditional then I'll be taxed on withdrawals, correct?
As long as the funds in the HSA are used for qualifying medical expenses, then they won't be taxed. They said you can use a roth, but using a traditional is better because you get to use the funds without being taxed (again for qualified medical expenses).
just my thoughts. #1: inherited IRA. Govt wants its money. also, was the decedent paying RMD before they died. You must continue taking at least inherited RMD (was suspended during COVID but coming back. Good inherited RMD chart in Vanguard website). #2: Only a once in lifetime from your CONTRIBUTION that year. Your tax free Traditional IRA limit but sent to HSA
Gents, AnyHSA I set up now will bw effective Jan 1, correct? If so, can I only put in money for 2023 if I had an HSA in place for this year that I haven't funded yet?
Watched your video and shopping for an HSA qualified insurance plan now. Just to clarify, I need the plan set up by December 1st, but then have time to set up my HSA account or does that need to happen by the 1st too?
you stated that if you hold an hsa insurance any point ofo the year you can make the full contribution. this is not true. according to the irs you have to hold the insurance on december 1st. Am I interpeting that correctly?
That's what they said. December first is the deadline.
I have HMO healthplan with $0 deductible but $4k max Out of pocket annually for family, can I contribute to HSA 16k for 2024 & 2025? Please advise. thank you
You must be enrolled in a qualifying HDHP (high deductible health plan) whether that’s via employer or self enrolled via Heath Exchange (healthcare.gov)
Well the IRS can audit us and come back with penalties years later, so can’t we go back and say “hey you didn’t pay me for my health deductions because I’m a business owner”? Or they get to do things but we don’t?
I want to make sure I'm clear.... an S Corp can pay for HSA qualified Monthly Health Insurance Premiums?
As an employer, can I find the HSA for my employees? Or myself? Does it need to be categorized a certain way when contributing from the business to my own personal HSA
Who do we contact at your company for tax services? Thank you
Please make a video on hsa domestic partnership. No one talks about it.
#16: No RMD needs to be taken from HSA in your 70's
After 65, does HSA get the same tax treatment as traditional IRA or Roth IRA? Great episode.
You can still use withdrawals tax free for medial expenses, but after 65 you can spend the money on other things but you might create a taxable event in that case. There are a few things that you can use HSA withdrawals for after age 65 without a taxable event. Paying Medicare premiums can be paid from HSA account without causing a taxable withdrawal.
There are some other things you can pay for as well, but.....check with your tax advisor for your situation
Traditional tax treatment
@@mjs28s Also, there is no RMD from HSA even if you want to use some for ordinary income distribution like IRA but want to keep the remainder in HSA after this
Can I use HSA for a personal trainer and/or gym membership?
physical therapy ;)
Hello! I'm an MSCTA here - trained by Mark. Anything covered by Publication 502. For gym memberships, the dues themselves are not able to be medical expenses. However, if you are doing weight loss activities and following the order of a doctor because you have a medical diagnosis (obesity, hypertension, heart disease etc). You will need a letter of medical necessity (LOMN) in order for these to qualify as qualified deductions.
Hmm. S Corp here (with employees) Wife is the “owner” at 98.5%. I’m the non owner at 1.5%. Sounds like the S corp can make tax free contributions to MY HSA.
Can I take $$$ from my IRA to an HSA?
I started HSA around June of this year. So does that mean I can contribute the full amount or just the months I have the high deductible health plan? I put in $345 per month ($4150/12)
Yes you can contribute full amount irregardless of what month you started your hdhp
@@kathyking3579 In another channel, someone mentioned that I have to prorated to just the months that I have HSA. Otherwise people can open an HSA in Dec and contribute the entire amount. Confused.
I have just over 20K in my HSA, most of my $ is in my 401k from work.
How can I work with you? I own 3 smallish companies ($2-5m rev each) across multiple states and am about ready for your help.
30:37 This is what I came for. Have your S-Corp pay for your HSA premiums thru payroll and reduce your tax burden
are you talking about your HSA health insurance plan premium or contribution? since he said $8,000 I am guessing it is the premiums. Is there a tax software these can be done or this level of stuff is done manually by experienced professionals only? Thx
@ I was referring to the premiums
I gotta see if there's an HSA where I can invest in bitcoin ETFs
I believe you can with fidelity.
How long do kids' expenses count as qualified expenses from an HSA? When does their expenses not count?
IRS Publication 969 states, in short but read it fully to make sure you get it from the IRS' mouth:
Yourself, your spouse (regardless of whether you file taxes jointly or separately), any HSA eligible dependents you claim on your tax return (your children, or a qualifying relative dependent) and any children who are claimed on your ex-spouse's tax return, anyone you could have claimed as a dependent, but weren't able to because he or she filed a joint tax return (for example, your married teenage kid who files a joint return with his or her spouse) earned more than $5,050 (in 2024), or you (or your spouse, if you file jointly) could be claimed as a dependent on someone else's tax return
As long as the person is in one of the above categories, you can reimburse yourself for the cost of their qualified medical expenses with tax-free money from your HSA - or spend your HSA money on their qualified health expenses using an HSA card (using an HSA card eliminates the need for reimbursements). It doesn't matter whether the person was covered under your HDHP, or even whether they had health coverage at all.
I’m 71, can I have a HSA?
Once you are receiving Medicare, you can no longer contribute to an HSA.
Does your employer offer a high deductible insurance plan with an HSA? Then no, you cant.
if you are retired and have Medicare A&B or a Medicare Advantage plan, then you can no longer contribute. Or now open an HSA
if you are still working and not on Medicare then consult a professional, not me