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re: HSA v. Roth IRA

Posted on 5/6/16 at 6:48 pm to
Posted by Jag_Warrior
Virginia
Member since May 2015
4090 posts
Posted on 5/6/16 at 6:48 pm to
Other than making a transfer of funds and using Roth contributions to fund an HSA, not that I'm aware. I suppose that if you're above 59 1/2, you could. But I don't think that's what you're asking.

Why not just fully fund the HSA, independent of the IRA?
Posted by jerryc436
Franklin
Member since Jan 2014
517 posts
Posted on 5/6/16 at 7:06 pm to
Thanks for the reply. I have no income this year because I resigned from my job due to diabetes. Have an attorney trying to get me my long term disability and I think I will be successful but it is a long process. I am drawing from my 401K at this time to pay my living expenses and thought if I could transfer money into an HSA from my IRA, once I convert my 401K that I would not have to pay taxes on my medical bills which are fairly high. I do not know all the details so I was hoping someone would be familiar with this option. I have a high deductible hospital plan now but do not know what will happen to my HSA once I am eligible for medicare. Any information would be appreciated.
Posted by Jag_Warrior
Virginia
Member since May 2015
4090 posts
Posted on 5/6/16 at 8:09 pm to
I'm sincerely sorry to hear about your situation. I wish that I could help, but that's beyond my knowledge. Perhaps Poodlebrain or one of the other tax experts here could assist.

Best wishes.
Posted by LSUDbrous90
Lafayette
Member since Dec 2011
1450 posts
Posted on 5/8/16 at 10:08 pm to
quote:

Yes, do we know each other?


Negative. Went to Millsaps. Saw the rutgers R and lynx in your username and used my scac education to put 2 and 2 together.
Posted by lynxcat
Member since Jan 2008
24147 posts
Posted on 5/8/16 at 10:30 pm to
Nicely done
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