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Level 2
February 22, 2025
Question

HSA

  • February 22, 2025
  • 1 reply
  • 4 views

I setup a personal HSA through a federal credit union in March of 2024 with a balance of $1103..08 but was not eligible for a HSA due to not enrolling in a high deductible health plan. I have not contributed nor had any distributions in 2024. I did not receive a 1099-SA. How do I fix this problem?

    1 reply

    MaryK4
    Level 15
    February 22, 2025

    You should withdraw the money from the account before the due date for the tax return.  You may have to report the interest earned next year, but you will not have to pay the 6% penalty,

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    pyrrhic14Author
    Level 2
    February 22, 2025

    Thank you.