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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.
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 ...
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 ...
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 ...
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 One of its main benefits is that there is no tax on the funds, whether kept in the account or withdrawn to ...
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
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.