Health Savings Account-Health Savings Account Info

Rob asked:


I opened a Health savings account in 2007, I used some of the money to pay off some non medical bills, I was wondering what the income tax and penalty would be for this?

Nicky Grev

Luke From Dagobah asked:


Instead of using checks or a debit card, can I withdraw cash from my HSA and avoid tax related trouble? I would save all of my receipts for purchases throughout the year. Any ideas out there?

Cris Engen

larey asked:


My husband has way more money in his HSA account than is in mine and we are currently paying off (in advance) the costs of the birth of our child in August. It would be really convenient if we could use both of our accounts to pay on this since mine will be about $700 short of the total bill. Thanks in advance!

Lemuel Sangha

kedos77 asked:


I had to enter W in the box 12b and then entered the amount, but I never received the form 1099-SA. What do I need to do?

Michael Jordan

Melanie R asked:


For example, can I use it to pay for follow up visits, or even the anesthesia?

Wiley Reye

vidmanba78 asked:


For 2008, I am enrolled in Kaiser HSA $1,500 deductable.

Scenerio 1:
I will contribute $1,500 in my HSA account for 2008.
Assuming I do not have any medical cost or doctor visit in 2008, can I use this $1,500 unused HSA fund to cover the deductable the following year in 2009?

Scenerio 2:
Assuming I do not have any medical cost or doctor visit in 2008. What if I do not contribute any funds to HSA in 2008? Meaning never opened an HSA account the entire year. Am I allowed to do nothing?
I ask this because since I can always reimburse myself for medical expenses, what is my hurry to open a HSA account?
To add what I found from treas.gov:
Can I use my HSA to pay for medical expenses incurred before I set up my account?
No. You cannot reimburse qualified medical expenses incurred before your account is established. We recommend you establish your account as soon as possible.

So that means if you are new to HSA, you need to sign up for an HSA account ASAP.

Matthew Rawl