Withdrawals from HSAHow to fill Form 8889 (HSA) Part III?What happens to an HSA when I am no longer eligible...
1960's book about a plague that kills all white people
Watching something be written to a file live with tail
Is the Joker left-handed?
Can I use a neutral wire from another outlet to repair a broken neutral?
How can I make my BBEG immortal short of making them a Lich or Vampire?
Stopping power of mountain vs road bike
What mechanic is there to disable a threat instead of killing it?
Fully-Firstable Anagram Sets
Arrow those variables!
How could indestructible materials be used in power generation?
SSH "lag" in LAN on some machines, mixed distros
How to take photos in burst mode, without vibration?
Can I ask the recruiters in my resume to put the reason why I am rejected?
How can saying a song's name be a copyright violation?
How badly should I try to prevent a user from XSSing themselves?
Is it possible to create light that imparts a greater proportion of its energy as momentum rather than heat?
Anagram holiday
Alternative to sending password over mail?
Could gravitational lensing be used to protect a spaceship from a laser?
How to say in German "enjoying home comforts"
Why doesn't H₄O²⁺ exist?
Do I have a twin with permutated remainders?
Python: return float 1.0 as int 1 but float 1.5 as float 1.5
Doing something right before you need it - expression for this?
Withdrawals from HSA
How to fill Form 8889 (HSA) Part III?What happens to an HSA when I am no longer eligible to contribute?Filling form 8889 Part I and form 1040 line 25HSA contribution with post-tax moneyAllowed to make a post-tax HSA contribution if pre-tax contributions are available through employer?How is employer HSA excess contribution taxed?Should I include my employer's HSA contributions on Line 21 (Other Income)?HSA distribution and medical expense deduction in the same yearHSA deduction vs medical expensesContribution limits and deadlines for HSA clarification
.everyoneloves__top-leaderboard:empty,.everyoneloves__mid-leaderboard:empty,.everyoneloves__bot-mid-leaderboard:empty{ margin-bottom:0;
}
I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
asked 9 hours ago
user2371765user2371765
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
asked 9 hours ago
user2371765user2371765
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
asked 9 hours ago
user2371765user2371765
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
united-states hsa
asked 9 hours ago
user2371765user2371765
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 9 hours ago
user2371765user2371765
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 9 hours ago
user2371765user2371765
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked 9 hours ago
user2371765user2371765
284
asked 9 hours ago
user2371765user2371765
284
284
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
add a comment |
1 Answer
1
active
oldest
votes
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered 8 hours ago
Hart COHart CO
34.7k68096
add a comment |
Your Answer
StackExchange.ready(function() {
var channelOptions = {
tags: "".split(" "),
id: "93"
};
initTagRenderer("".split(" "), "".split(" "), channelOptions);
StackExchange.using("externalEditor", function() {
// Have to fire editor after snippets, if snippets enabled
if (StackExchange.settings.snippets.snippetsEnabled) {
StackExchange.using("snippets", function() {
createEditor();
});
}
else {
createEditor();
}
});
function createEditor() {
StackExchange.prepareEditor({
heartbeatType: 'answer',
autoActivateHeartbeat: false,
convertImagesToLinks: true,
noModals: true,
showLowRepImageUploadWarning: true,
reputationToPostImages: 10,
bindNavPrevention: true,
postfix: "",
imageUploader: {
brandingHtml: "Powered by u003ca class="icon-imgur-white" href="https://imgur.com/"u003eu003c/au003e",
contentPolicyHtml: "User contributions licensed under u003ca href="https://creativecommons.org/licenses/by-sa/3.0/"u003ecc by-sa 3.0 with attribution requiredu003c/au003e u003ca href="https://stackoverflow.com/legal/content-policy"u003e(content policy)u003c/au003e",
allowUrls: true
},
noCode: true, onDemand: true,
discardSelector: ".discard-answer"
,immediatelyShowMarkdownHelp:true
});
}
});
user2371765 is a new contributor. Be nice, and check out our Code of Conduct.
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function () {
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f107363%2fwithdrawals-from-hsa%23new-answer', 'question_page');
}
);
Post as a guest
Required, but never shown
1 Answer
1
active
oldest
votes
1 Answer
1
active
oldest
votes
active
oldest
votes
active
oldest
votes
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered 8 hours ago
Hart COHart CO
34.7k68096
add a comment |
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered 8 hours ago
Hart COHart CO
34.7k68096
add a comment |
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered 8 hours ago
Hart COHart CO
34.7k68096
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered 8 hours ago
Hart COHart CO
34.7k68096
edited 8 hours ago
answered 8 hours ago
Hart COHart CO
34.7k68096
answered 8 hours ago
Hart COHart CO
34.7k68096
answered 8 hours ago
Hart COHart CO
34.7k68096
34.7k68096
add a comment |
add a comment |
user2371765 is a new contributor. Be nice, and check out our Code of Conduct.
user2371765 is a new contributor. Be nice, and check out our Code of Conduct.
user2371765 is a new contributor. Be nice, and check out our Code of Conduct.
user2371765 is a new contributor. Be nice, and check out our Code of Conduct.
Thanks for contributing an answer to Personal Finance & Money Stack Exchange!
- Please be sure to answer the question. Provide details and share your research!
But avoid …
- Asking for help, clarification, or responding to other answers.
- Making statements based on opinion; back them up with references or personal experience.
To learn more, see our tips on writing great answers.
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
StackExchange.ready(
function () {
StackExchange.openid.initPostLogin('.new-post-login', 'https%3a%2f%2fmoney.stackexchange.com%2fquestions%2f107363%2fwithdrawals-from-hsa%23new-answer', 'question_page');
}
);
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Sign up or log in
StackExchange.ready(function () {
StackExchange.helpers.onClickDraftSave('#login-link');
});
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Sign up using Google
Sign up using Facebook
Sign up using Email and Password
Post as a guest
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
Required, but never shown
