Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-12-2015, 05:10 PM
Junior Member
 
Join Date: Mar 2015
Posts: 1
IR Funds to HSA

I'm planning to the one-time transfer of funds from an IRA to my HSA account. I live in Wisconsin and am making the maximum annual contribution of $3300. Am I going to receive a 1099? Do I need to report these funds as income? Thanks.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 03-12-2015, 10:29 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
Quote:
Originally Posted by zexx View Post
I'm planning to the one-time transfer of funds from an IRA to my HSA account. I live in Wisconsin and am making the maximum annual contribution of $3300. Am I going to receive a 1099? Do I need to report these funds as income? Thanks.
1099r; you should not receive a 1099-R for a trusteeto-
trustee transfer from one IRA to another,
the transfer is particularly useful if you aren't eligible to take qualified distributions from your IRA but have large doctor's bills you need to pay because HSAs offer tax-free withdrawals for qualified medical costs; the amount you can move is limited to your annual contribution limit for an HAS. You can make the tax-free rollover from your IRA to an HSA only once in your lifetime, and the amount is limited to the maximum HSA contribution for the year minus any contributions you've already made for the year



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Unclaimed Funds creepingflox Income 1 02-16-2015 05:29 PM
Oversea funds Traveler Miscellaneous 1 04-24-2011 04:48 PM
Unknown Tax Basis for mutual funds samwithquestion Capital Gains 0 02-20-2010 11:00 AM
Unknown Tax Basis for mutual funds samwithquestion Capital Gains 0 02-19-2010 10:23 PM
What are the various types of Trusts Funds? TaxGuru Estate Planning 0 07-13-2009 05:16 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.