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Old 03-12-2015, 05:10 PM
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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.



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Old 03-12-2015, 10:29 PM
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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



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