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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 ...
The first thing to know is that you’re allowed to withdraw money penalty-free from your HSA for any reason after 65. Before that time, if you withdraw money other than for qualifying medical ...
Plus, some people use an HSA as a retirement account. Once you turn 65, any money in the account is no longer subject to the 20 percent bonus penalty. Rather, withdrawals are subject only to ...
No nonmedical penalty after 65: At age 65, funds used to pay for nonmedical expenses are taxable, but there isn’t a 20 percent tax penalty. No opening deposit: Typically, there’s no minimum ...
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.
A 20% penalty applies when taking money from an HSA for any purpose other than qualified healthcare expenses before age 65. Once you turn 65, you can withdraw money from an HSA for any purpose but ...
After 65, non-medical withdrawals are not subject to a 20% penalty. Although there is not a penalty, you will have to pay income tax on the withdrawal. Broad Coverage for Medical Expenses
What is a health savings account (HSA)? ... you must pay income tax plus a hefty 20% penalty on non-qualified withdrawals. ... I mentioned that after age 65, you can spend an HSA on non-qualified ...