Yes, 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. I found this information in the following link.
Contribution limits for HSA in 2020 are:
- $3550 for individual plan
- $7100 for Family Coverage
- For 55 and Over you can contribute up to $1000 as a catch up contribution.
To report this in Turbo Tax go to:
- Wages and income
-
Retirement Plans and Social Security Show More
- IRA, 401(k), Pension Plan Withdrawals (1099-R) Start
- Add 1099R
- After entering your 1099R. you will reach a screen that says:
- Tell us if any of these uncommon situations apply
- pick the option that says I moved some or all of this money to my HSA as a one-time contribution
- Remember the contribution is limited to your contribution limit for this year minus any contributions you may have already made.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
