Who Owns Your Employer-Sponsored HSA? HSA Rules You NEED To Know
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- Опубликовано: 28 сен 2024
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Wondering if you can keep funding your HSA after leaving your job? This snippet from our latest Tax Tuesday episode covers everything you need to know!
Topics Discussed:
- Can you still fund an HSA if you’re no longer employed by the company that offered it?
- Should you transfer your HSA to another account?
- The benefits of investing your HSA funds.
- Annual contribution limits for HSAs.
- How HSAs provide tax advantages and flexibility.
- The potential of converting your HSA to a Roth IRA at age 65.
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Hi
Can you make a video on how to give it to your own private family foundation?
Thanks
Thank you for your suggestion! I'll definitely consider making a video on that topic.
Age restrictions please
You can't convert an HSA to a Roth IRA after age 65. You could use it, in effect, like a Traditional IRA after age 65 though.
You are absolutely correct.
I was under the impression that the owner of the HSA could not withdraw funds tax free from the HSA unless they had no insurance coverage or a high deductible insurance plan. Has this changed?
The requirements of the high deductible and other restrictions are only for the contribution to be deductible. So long as they are used for a qualified medical expense, there are no other restrictions. If you use for a non-qualified expense (ie you just take the money out) you are taxed at your ordinary rate if, if under the age of 65, assessed a 20% penalty. So long as you are using the HSA to reimburse or pay for qualified medical expenses, there are no taxes or penalties. Hope this helps.
Thank you!!! Excellent topic 😊just what I needed to know.
Glad it was helpful!