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Withdrawals for qualified medical expenses are tax-free at any age but once you reach age 65, you can use your HSA money for any reason as long as you pay taxes on withdrawals used for non-medical ...
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 ...
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 ...
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.
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
Plus, if you take a distribution after age 65, you won’t have to pay taxes on the total amount withdrawn. If maxing out your HSA is not in the cards for you, you can select a different amount.
After age 65 you can withdraw the money for non-medical expenses without a 20% penalty and use it for whatever you want — but you will still have to pay taxes on the non-medical withdrawals.
An HSA functions much like a traditional IRA once you turn 65, with withdrawals being taxed at ordinary income rates and without the usual 20 percent bonus penalty.
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