UnrealizedPotential
Thinks s/he gets paid by the post
- Joined
- May 21, 2014
- Messages
- 1,390
Let us say I open up an HSA. I fully fund the account each year. Then I have medical expenses over 7 years of 20k. I use my own savings to pay for medical expenses over those 7 years,not using any HSA money. I save all the receipts over those seven years.
Then in year 8, could I take out 20k from my HSA tax free to reimburse myself using my receipts from the 7 years worth of medical expenses? I am not saying I would do this. Is this possible? Is this a good idea if one needs money before age 65 and can get it tax free?
Of course one would need significant savings to do this. I am thinking if it is possible to do this, it wouldn't make my income higher. I am thinking if the money could be taken out tax free, and it is used for medical expenses, years later , granted.
So my question ultimately is, can this be a good option at some point if one is in position to do this for tax free income that I'm thinking wouldn't help determine AGI ?
I didn't see a time limit for using receipts to reimburse oneself years later.
Then in year 8, could I take out 20k from my HSA tax free to reimburse myself using my receipts from the 7 years worth of medical expenses? I am not saying I would do this. Is this possible? Is this a good idea if one needs money before age 65 and can get it tax free?
Of course one would need significant savings to do this. I am thinking if it is possible to do this, it wouldn't make my income higher. I am thinking if the money could be taken out tax free, and it is used for medical expenses, years later , granted.
So my question ultimately is, can this be a good option at some point if one is in position to do this for tax free income that I'm thinking wouldn't help determine AGI ?
I didn't see a time limit for using receipts to reimburse oneself years later.
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