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Old 04-28-2007, 09:14 PM
Michael Siemon
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Default Re: one-time IRA to HSA

In article <59hgi6F2k87s3U1[at]mid.individual.net> , "Joya" <j[at]oye.iswrote:

- quote -

> there's this one-time transfer for around 5k possible from IRA to HSA without
> any
> penalty or taxes
> are there some nifty reasons for doing this vs. don't do it because of .....
> ?


This conversion is limited to the amount you could fund the HSA in the
year you take advantage of it. For 2007, that is $2850 (+$800 "catch-up"
if applicable). Since you can deduct this contribution "above the line"
if made from ordinary income, there is not really all that much going for
it, in most cases -- it mostly helps if you can't fund the HSA any other
way.

  #1  
Old 04-28-2007, 07:49 PM
zxcvbob
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Default Re: one-time IRA to HSA

Joya wrote:
- quote -

> there's this one-time transfer for around 5k possible from IRA to HSA
> without any penalty or taxes
> are there some nifty reasons for doing this vs. don't do it because of
> ..... ?



Is there a limit on how much? Or does the rollover amount count towards
your annual $5650 maximum contribution?

I have one IRA worth about $4000 that's just sitting in an annuity,
paying 4.5%. I haven't rolled it into my HSA yet because I didn't want
to use up my one-time. (Hoping to roll over many thousands from another
IRA when I'm ready to retire, or when the rollover law expires.)

Bob

 
Old 04-28-2007, 06:33 PM
wyu@talisys.com
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Posts: n/a
Default Re: one-time IRA to HSA

On Apr 28, 11:10 am, "Joya" <j...[at]oye.is> wrote:
- quote -

> there's this one-time transfer for around 5k possible from IRA to HSA without any
> penalty or taxes
> are there some nifty reasons for doing this vs. don't do it because of ..... ?


If your employer doesn't contribute to the max and you have upcoming
medical expenses, that allows some IRA money to be never taxed instead
of taxed at retirement.

  #-1  
Old 04-28-2007, 06:10 PM
Joya
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Posts: n/a
Default one-time IRA to HSA

there's this one-time transfer for around 5k possible from IRA to HSA without any
penalty or taxes

are there some nifty reasons for doing this vs. don't do it because of ..... ?

 

Tags
hsa, ira, onetime
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