TromboneAl
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jun 30, 2006
- Messages
- 12,880
Here's my one concern about my HSA...
My plan is to allow the HSA funds to compound tax-free. So, I am not taking out any HSA funds now for medical expenses. I will reimburse myself in 10-15 years, for all the medical costs.
From my understanding of the HSA rules, this should be fine. But I'm still a little worried that the IRS is not going to understand a sudden lump sum removal of big bucks for 15 years worth of medical expenses. Or that there will be something I didn't understand.
I am keeping careful track of all medical expenditures for DW and me. I keep all receipts, and also scan them in and back them up, with off site copies in the safe deposit box.
Need I be concerned?
Here's another question: I had considered that it would be smarter to use the HSA funds for medical expenses later, when in a higher tax bracket (due to IRA withdrawals), but I realized that this doesn't make any difference. Correct?
Thanks
My plan is to allow the HSA funds to compound tax-free. So, I am not taking out any HSA funds now for medical expenses. I will reimburse myself in 10-15 years, for all the medical costs.
From my understanding of the HSA rules, this should be fine. But I'm still a little worried that the IRS is not going to understand a sudden lump sum removal of big bucks for 15 years worth of medical expenses. Or that there will be something I didn't understand.
I am keeping careful track of all medical expenditures for DW and me. I keep all receipts, and also scan them in and back them up, with off site copies in the safe deposit box.
Need I be concerned?
Here's another question: I had considered that it would be smarter to use the HSA funds for medical expenses later, when in a higher tax bracket (due to IRA withdrawals), but I realized that this doesn't make any difference. Correct?
Thanks