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New Member
posted Apr 5, 2023 9:44:23 AM

I distributed 70,000 annuity to an IRA and a HSA . The IRA is showing on my tax form as well as the annuity distribution where do I apply the HSA contribution?

my 5498 will not arrive until May

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1 Replies
Expert Alumni
Apr 5, 2023 11:55:10 AM

A transfer from an IRA to an HSA is called an HSA Funding Distribution (HFD). However, the source of the dollars must be either a traditional IRA or a Roth IRA. It can be a SEP IRA or SIMPLE IRA if they are not "ongoing" (employer is actively contributing to the account).

 

In any case, you cannot contribute directly from an annuity to an HSA as an HFD.

 

When you entered the 1099-R, where there any questions about your HSA? What were the question(s) and how did you answer?