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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I'm 60 years old and was forced into retirement. Can I take

Customer Question

I'm 60 years old and was forced into retirement. Can I take money from my IRA and deposit it into an HSA this year without declaring it as income if I deposit more than $4350 and pay the required 6% penalty?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.

Please be aware that funds in your IRA account are YOURS.

You may take them out when you need to wish.

Generally distribution will be taxable unless you made nondeductible distributions - that part distributed tax free.

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Expert:  Lev replied 6 months ago.

You may rollover funds to a different tax deferred account - but may NOT rollover to HSA.

That will be reported as taxable distribution.

Separately - you might be eligible to DEDUCT HSA contributions.

But there are certain requirements and limitations.

If you over-contribute - that amount is NOT deductible and will be subject to additional 6% penalty.

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