I am retired now. When working, my employer had HSA accounts for us, which I used. I still have that account, though the balance is essentially gone now. My question is whether I can take money from my deferred retirement IRA, put it in that HSA, and avoid paying taxes on the money I put in it? I would use that HSA for only qualified medical expenses, or course? Is this possible?
Since you must have earned income to make an HSA contribution or an IRA rollover contribution these options are not available to you.
Thanks Critter-3. Doesn't the IRS look at my withdrawals from my tax deferred IRA as "income"?
Yes distributions are income and are reported on a 1099-R.
So, if they are considered income, can I put some of those distributions into my HSA account and avoid paying taxes on those distributions?