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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.
Unlike Social Security, you still become eligible for full Medicare benefits at 65. ... If you continue funding an HSA after enrolling in Medicare, you could be charged a 6 percent IRS tax penalty ...
However, this rule only applies if you're signing up for Medicare after age 65. You don't have to halt HSA contributions ahead of your Medicare enrollment date if you're signing up at 65 .
After 65, you can use your HSA for nonmedical expenses without penalties. Keep in mind that withdrawals will still be taxed as ordinary income. For qualified medical expenses, you don’t have to ...
An HSA stands for a health savings account. People who have HDHPs will often utilize HSAs as a way to save money on healthcare expenses. HDHPs are those that usually cover preventive health ...
After age 65, you can use your HSA funds for non-medical expenses. You won’t be penalized for it, but the withdrawal will be taxed as general income. How To Report Your HSA Contributions
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