This is called an IRA-to-HSA rollover. You can roll over funds from both a traditional and a Roth IRA into an HSA, but it can generally only be done once in your life.2 This type of transfer will count toward your total HSA contribution limit for the year, meaning your allocated ...
And any balance can roll over from one plan year to the next. This is different from a flexible spending account, which is a "use it or lose it" proposition. Contributions to an HSA can also be used to pay for qualified medical expenses for a spouse or dependent child, even if they'...
Correction—Aug. 16, 2023:A previous version of this article miscalculated the amount you would lose if you elected to spend $2,600 in a year but only spent $1,000 and had the rollover option. It has been revised to correct the mistake. Sponsored Discover a better way to trade Could y...
Once you turn 50 years old, the IRS allows you to contribute an additional $7,500 to your 401(k) this year. So you’re allowed to put in $30,500 total. And including your employer’s contributions, you’re allowed to get a total of $76,500 put into your account. However, in al...