Yes. You can make a 1-time transfer from an IRA to an HSA. The transferred IRA amount + any HSA contributions for that year can’t exceed the annual contribution maximum. You also must continue to participate in a qualifying HDHP for 13 consecutive months, beginning on Dec 1 of the year that you made the transfer. If you do not, you will be subject to income taxes and a 10% penalty tax on the transferred amount, except in the case of death or disability.
Articles in this section
- What is an HSA?
- How Does an HSA Work?
- What are the benefits of an HSA?
- What are the requirements of an HSA? Am I eligible?
- What designates a qualifying High Deductible Health Plan?
- Do I have to get an HSA if I am on a High Deductible Health Plan?
- How does money get into my HSA account?
- How can I get an HSA?
- If I have a family, can I still have an HSA?
- Can I have a joint-HSA with my spouse?