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Line 14a: Enter the total HSA distributions (withdrawals) during the tax year, found on Form 1099-SA. Line 15: Enter the amount of those withdrawals used for qualified medical expenses.
The split between group and individual plans was 11 million as opposed to 2.5 million, and the gender distribution of health savings accounts between male and female enrollees was an even 50%. Among individual plan holders, 51% were under age 40, and 49% were age 40 or over.
The average combined HSA contribution was $927 less than the statutory maximum for individual coverage and $4,527 less than the maximum for family coverage, according to the report.
Health savings accounts, or HSAs, have higher contribution limits in 2025, allowing you to save more for health care expenses if you’re using a high-deductible health care plan.
Health Savings Accounts or HSAs help offset your out-of-pocket healthcare costs when you have a high deductible health plan (HDHP). ... Plus, if you take a distribution after age 65, you won’t ...
The money in such accounts is to be used to pay for medical expenses. Withdrawals from the account often called distributions, if made for that reason, may or may not be subject to income tax. Withdrawals without adequate documentation of use for medical expenses are subject to penalties.
Required Minimum Distributions. Required starting at age 73. ... HSA: Pre-tax contributions are made to the HSA account and the growth is tax free if made for medical expenses.
A health savings account (HSA) combines some of the best features of both traditional and Roth IRAs into a single package. ... Often, these distributions are in the hundreds-of-thousands-of ...