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Fact Based List:
4 Tax Question About Health Savings Accounts
Submitted By Anonymous, Created 03/28/2016 - 11:03
- How are funds accumulated in a HSA taxed prior to distribution? - An HSA generally is exempt from income tax unless it ceases to be an HSA
- How are amounts distributed from a Health Savings Account taxed? - Distribution from an HSA used exclusively to pay qualified medical expenses of an account holder is not includable in gross income
- When may an account owner transfer or rollover funds into an HSA? - Funds may be transferred or rolled over from one HSA to another HSA within sixty days of receiving the distribution
- What are the rules regarding moving money from an IRA to an HSA? - 1 they are eligible for an HSA, 2 they have a permitted IRA, and 3 they have not already completed an IRA to HSA funding distribution
Source: Think Advisor
Source URL: http://www.thinkadvisor.com/2016/03/24/4-tax-questions-about...