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Level 2
posted Nov 16, 2022 10:28:15 AM

HSA

I have an HSA account that I established during my working years.  I've never spent any of the funds, but I turned 70 this year, and I've decided that I should start using those funds in 2023, for medical expenses.  I have a debit card to use the money in the account for drugs and doctor visits.  What are the requirements for reporting and tracking these expenses  as far as taxes?

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1 Replies
Level 15
Nov 16, 2022 10:32:32 AM

Your HSA fiduciary will send you a form each year reporting the amount of your withdrawals. You then report that amount on your tax return. As long as you use the funds for qualified medical expenses you will owe no tax on the withdrawals. Incidentally, you can use your HSA to pay your Medicare premiums.