Withdrawals from HSA The 2019 Stack Overflow Developer Survey Results Are InHow to fill Form 8889 (HSA) Part III?What happens to an HSA when I am no longer eligible to contribute?Filling form 8889 Part I and form 1040 line 25HSA contribution with post-tax moneyAllowed to make a post-tax HSA contribution if pre-tax contributions are available through employer?How is employer HSA excess contribution taxed?Should I include my employer's HSA contributions on Line 21 (Other Income)?HSA distribution and medical expense deduction in the same yearHSA deduction vs medical expensesContribution limits and deadlines for HSA clarification
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Withdrawals from HSA
The 2019 Stack Overflow Developer Survey Results Are InHow to fill Form 8889 (HSA) Part III?What happens to an HSA when I am no longer eligible to contribute?Filling form 8889 Part I and form 1040 line 25HSA contribution with post-tax moneyAllowed to make a post-tax HSA contribution if pre-tax contributions are available through employer?How is employer HSA excess contribution taxed?Should I include my employer's HSA contributions on Line 21 (Other Income)?HSA distribution and medical expense deduction in the same yearHSA deduction vs medical expensesContribution limits and deadlines for HSA clarification
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I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
asked Apr 4 at 15:45
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I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
asked Apr 4 at 15:45
user2371765user2371765
334
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
add a comment |
I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
asked Apr 4 at 15:45
user2371765user2371765
334
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
I understand that qualified withdrawals from HSA are tax free. If I am right in my understanding, then why are withdrawals deducted from the HSA contribution on form 8889 to determine the tax-deductible HSA contribution?
To be specific, Line 10 "Qualified HSA funding distributions" is to be subtracted from the HSA contribution to determine the HSA deduction from taxable income.
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
united-states hsa
united-states hsa
asked Apr 4 at 15:45
user2371765user2371765
334
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked Apr 4 at 15:45
user2371765user2371765
334
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked Apr 4 at 15:45
user2371765user2371765
334
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
asked Apr 4 at 15:45
user2371765user2371765
334
asked Apr 4 at 15:45
user2371765user2371765
334
334
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.
New contributor
user2371765 is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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1 Answer
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I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
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1 Answer
1
active
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1 Answer
1
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active
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I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
add a comment |
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
add a comment |
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
I made withdrawals but they are qualified. Why then should I deduct them from my HSA contribution?
You shouldn't, it sounds like you're putting that number in the wrong part of the form.
Line 10 of Part I (Qualified HSA funding distributions) does not refer to distributions from your HSA used to cover qualified health expenses, but rather distributions from other accounts used to fund your HSA. The Form 8889 instructions state:
Line 10 Enter on line 10 any qualified HSA funding distribution made
during the year. This is a distribution from your traditional IRA or
Roth IRA to your HSA in a direct trustee-to-trustee transfer. This
qualified HSA funding distribution is not included in your income, is
not deductible, and reduces the amount that can be contributed to your
HSA by you and from other sources (including employer contributions).
This distribution cannot be made from an ongoing SEP IRA or SIMPLE
IRA. For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an
employer contribution is made for the plan year ending with or within
your tax year in which the distribution would be made.
The distributions you are referring to are recorded in Part II (HSA Distributions). The Part 1 Line 10 name is a bit confusing on it's own, but it makes a little more sense in the context of the section of the form. Part I is "HSA Contributions and Deduction" so all about how the HSA was funded and what portion of those funds are deductible.
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
edited Apr 4 at 17:00
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
answered Apr 4 at 16:44
Hart COHart CO
35.1k68198
35.1k68198
add a comment |
add a comment |
protected by JoeTaxpayer♦ Apr 5 at 2:23
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
