in Education
688929
You'll need to sign in or create an account to connect with an expert.
On the other hand, he can still spend money from the HSA on qualified medical expenses with the tax-free dollars in the HSA until the HSA funds are exhausted.
Unfortunately, you don't get tax benefits just from having an HSA, it's from making tax-free contributions to the HSA and then not paying tax when you pull the money out for qualified medical expenses. He took the tax benefits years ago when he contributed to the HSA.
Note that once he turns 65, he can treat the HSA like an IRA. That is, he can take money out for any reason, so long as he pays income tax on the distribution (just like an IRA). There is no penalty in this case.
On the other hand, he can still spend money from the HSA on qualified medical expenses with the tax-free dollars in the HSA until the HSA funds are exhausted.
Unfortunately, you don't get tax benefits just from having an HSA, it's from making tax-free contributions to the HSA and then not paying tax when you pull the money out for qualified medical expenses. He took the tax benefits years ago when he contributed to the HSA.
Note that once he turns 65, he can treat the HSA like an IRA. That is, he can take money out for any reason, so long as he pays income tax on the distribution (just like an IRA). There is no penalty in this case.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
joeylawell1234
New Member
in Education
donnapb75
New Member
benzaquenbills
New Member
mburback8
New Member
linda11mom
New Member