HSA Question

[Dowejonez]

Does anyone know if HSA holders can still do do a once per lifetime dump from an IRA account into their HSA account like in the old days?

My client would like to make the deposit for 2010 tax year.

 

[Yagents]

Does anyone know if HSA holders can still do do a once per lifetime dump from an IRA account into their HSA account like in the old days?

My client would like to make the deposit for 2010 tax year.

I've not read that it's been revoked, so I believe it is. Check publication 969 at IRS. I personally did it a couple years ago. IN-Accurate reporting on both ends is where the problem lies. I got a letter from Mr IRS contesting it, I was able to clear it up and send them proof, but it's not an easy transaction.

I would not do for 2010, as the 1099R out of the IRA will be 2011, and the 5498 HSA Contribution will be for 2010. A definite red flag.

 

[jbage007]

It's not a once in a lifetime dump. Rather, it's effectively limited to pre-funding the initial HSA year's deposit.

 

[somarco]

once per lifetime dump

A better choice of words might be in order next time . . .

 

[VolAgent]

A better choice of words might be in order next time . . .

Paging Dr. Bob, paging Dr. Bob. Impacted colon in exam room one.

 

[somarco]

Pass . . .