You can receive a distribution from your HSA any time by check, Check Card or Bill Pay. Distributions are tax-free if used for a qualified medical expense. It is your responsibility to determine if your distribution is a qualified medical expense. For more information on qualified medical expenses, talk to your accountant and/or review IRS Publication 502.
If the withdrawn funds are not used for qualified medical expenses, then you will have to include the distribution in income and pay an additional tax.
Fees may reduce earnings on HSAs. Fees may apply on Check Card.
The information provided in this page is not intended to be legal or tax advice. You should consult your attorney or tax advisor for information that relates to your specific circumstances.
Product descriptions herein do not take the place of required disclosures under federal and state regulations. Please contact us for disclosures appropriate to these accounts.