Question


danny

can you withdraw money from a hsa account if it is not medical related and how do you withdraw it?

2 weeks ago - 2 answers

Best Answer

Chosen by Asker

HSA accounts normally have a debit or credit card and you can use it, or you can contact the HSA administrator to receive a distribution. Not only will you have to report the distribution as income but you'll also have to pay an additional 10% tax on the amount withdrawn unless you are disabled, reach age 65, or dead. You will report the distribution on IRS form 8889.

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Independent Agent

by Zarnev

2 weeks ago

Asker's Rating: 

Other Answers

Yes, you can withdraw money from an HSA account. If it isn't medically related, the amount withdrawn is taxable income to you. You withdraw the money using a check or a debit card that comes with your account.

by zeuz- 2 weeks ago