Whenever you make a withdrawal from your HSA, your HSA provider, custodian or trustee makes an IRS Form 1099-SA. This details your contributions and any distributions for the year.

Once you reach age 65, money in your HSA can be withdrawn and used for any reason, but if it’s used for non-qualified expenses, you’ll be subject to ordinary income taxes on the withdrawal.

This only true if you are under 65 years old. After age 65, you can use your HSA funds for non-medical expenses. You won’t be penalized for it, but the withdrawal will be taxed as general income.

HSAs are mainly related to medical expenses. So you do incur penalties if you make an HSA withdrawal for non-healthcare purposes. Such penalties, however, go away if you reach age 65.

One of the more underrated retirement strategies you can consider today is the Health Savings Account. Essentially, a tax-advantaged savings account that can help you pay for medical expenses like ...

February 26, 2025 Find your 1095 Form The 1095 form is a tax document that provides proof of health insurance coverage, which is required for tax filing under the Affordable Care Act (ACA). To find ...

Plan sponsors with an HSA benefit that does fall under ERISA requirements will have to: complete a Form 5500 with the IRS and DOL Form 5500 every year and have a summary plan description for the ...