What are the penalties for HSA violations?
An example of an AI chatbot conversation about HSA penalties and violations.
What are the penalties for HSA violations?
Penalties for HSA violations can include a 20% excise tax on non-qualified withdrawals and income tax on the amount.
What counts as a non-qualified withdrawal?
Non-qualified withdrawals include using HSA funds for non-medical expenses, like personal expenses or insurance premiums.
Are there any exceptions to these penalties?
Yes, exceptions include withdrawals made after age 65, which are taxed as regular income but not subject to the excise tax.
How can I avoid HSA penalties?
To avoid penalties, ensure withdrawals are for qualified medical expenses and keep accurate records of your HSA transactions.
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