I'm retired with a dwindling balance in my HSA account. Can I transfer IRA money to the HSA even if I no longer have earned Income?

[dmertz]

Yes, as long as you are eligible to make an HSA contribution for the year (2021 in the case of a transfer in 2021)  and you have not previously done such a transfer.  Having earned income is not a requirement for contributing to an HSA.

Such a transfer usually only makes sense if you have no other money from which to make an HSA contribution.

[Opus 17]

You still must be covered by a qualifying HDHP and have no other disqualifying medical coverage, such as Medicare.  

[DaveF1006]

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:

1. Wages and income

2. Retirement Plans and Social Security Show More

3. IRA, 401(k), Pension Plan Withdrawals (1099-R) Start
4. Add 1099R
5. After entering your 1099R. you will reach a screen that says:
6. Tell us if any of these uncommon situations apply
7. pick the option that says I moved some or all of this money to my HSA as a one-time contribution
8. Remember the contribution is limited to your contribution limit for this year minus any contributions you may have already made.

[ssrk2]

So to be clear , If I have HSA account from previous employer but am now retired and on Medicare with a suppliment plan then I don't qualify to transfer money from my traditional IRA to HSA account ?

[Opus 17]

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@ssrk2 wrote:

So to be clear , If I have HSA account from previous employer but am now retired and on Medicare with a suppliment plan then I don't qualify to transfer money from my traditional IRA to HSA account ?

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Correct.  If you are on Medicare (or any other non-qualifying medical insurance) you are not eligible to fund your HSA by any method.