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You can withdraw HSA money tax-free for any reason after turning 65. The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65. Before ...
Tax-Free Withdrawals From a Health Savings Account. ... After you turn 65, you can also withdraw money tax-free from the HSA to pay premiums for Medicare Part B, Part D and Medicare Advantage (but ...
A health savings account, or HSA, is an account you can use to pay for medical expenses. ... money from your HSA after turning 65 and use it for non-qualified medical expenses, you still have to ...
After the age of 65, you can make withdrawals from your HSA that are generally penalty-free. Before you turn 65, however, keep in mind that any withdrawals for non-qualified expenses aren't tax-free.
However, the kicker in terms of retirement planning is that once you reach age 65, you can withdraw your HSA money for any reason at all without having to pay a penalty.When used for non ...
HSA funds roll over year after year, and the HSA does not have a required minimum distribution or withdrawal deadlines. Any money you put into your HSA stays there until you use it. HSAs are portable.
She turns 65 years old in June 2024 and enrolls in Medicare but keeps making her $500 monthly HSA contributions. Mary will owe back taxes on the $4,000 she contributed between June and December.
Health Savings Account. ... you’ll pay income tax and a 20% penalty on withdrawals you make before age 65 that are not used exclusively for qualified medical expenses. After age 65, you’ll be ...