njhowie
Thinks s/he gets paid by the post
- Joined
- Mar 11, 2012
- Messages
- 3,931
HSA Partial Rollover?
DW has HSA account at her employer via PayFlex. There is a nice sum of money there. They offer investing through BNY Mellon, but they are proprietary funds, PayFlex charges a monthly fee for the privilege, and so on. DW also has HSA account at Fidelity.
My question is, can we just make a withdrawal from her employer HSA without closing it, they cut us a check, and within 60 days deposit into her Fidelity HSA as a rollover contribution? She is still employed and will continue HSA contributions through PayFlex, so we don't want to close the account to do rollover, and it doesn't look like there is any mechanism to do a trustee to trustee partial rollover. The money with PayFlex is all cash earning nothing at this time, so the desire to move what we can to Fidelity.
I would (try to) have PayFlex cut the check to "Fidelity FBO DW" so it would be clear this was a rollover contribution from both sides. I've read that you are allowed to use the check rollover method once every 12 months, but the articles are assuming withdrawal and closure of the originating HSA.
Would this work? Has anyone done it?
DW has HSA account at her employer via PayFlex. There is a nice sum of money there. They offer investing through BNY Mellon, but they are proprietary funds, PayFlex charges a monthly fee for the privilege, and so on. DW also has HSA account at Fidelity.
My question is, can we just make a withdrawal from her employer HSA without closing it, they cut us a check, and within 60 days deposit into her Fidelity HSA as a rollover contribution? She is still employed and will continue HSA contributions through PayFlex, so we don't want to close the account to do rollover, and it doesn't look like there is any mechanism to do a trustee to trustee partial rollover. The money with PayFlex is all cash earning nothing at this time, so the desire to move what we can to Fidelity.
I would (try to) have PayFlex cut the check to "Fidelity FBO DW" so it would be clear this was a rollover contribution from both sides. I've read that you are allowed to use the check rollover method once every 12 months, but the articles are assuming withdrawal and closure of the originating HSA.
Would this work? Has anyone done it?
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