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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.
For retirees born after 1950, mandatory withdrawals begin at age 73 from traditional accounts and are taxed as ordinary income. If retirees aged 73 and over don’t withdraw from their accounts ...
After the age of 65, you can take penalty-free withdrawals for any purpose, although you won’t enjoy the tax benefits if you use the money for living expenses or other purposes.
Learn how contributions to your health savings account ... During Retirement. After 65, non-medical withdrawals are not subject to a 20% penalty. ... tax and an additional 20% penalty. Part I: HSA ...
However, the kicker in terms of retirement planning is that once you reach age 65, you can withdraw your HSA money for any reason at all without having to pay a penalty.
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 ...
A health savings account, or HSA, is an account you can use to pay for medical expenses. One of its main benefits is that there is no tax on the funds, whether kept in the account or withdrawn to ...
If HSA funds are used for anything other than qualifying medical expenses, you’ll owe taxes on the withdrawal, plus a 20 percent tax penalty. After age 65, you’ll still owe the taxes but not ...