Any one familar with health savings accounts?


goldxlt

15+ Year Member

Joined
Aug 11, 2007
Messages
214
Points
3,101
Age
42
City
Constantia NY
Vehicle Year
2003
Transmission
Automatic
i recently got layed off and i need to get new tires for my truck, (inspection was up in feb.) because of my new employment status i have very little extra money however i have this big fat health savings account that would help tremendously. i know if you use the money for anything other then a "qualified medical expense" you are subject to the tax (money is deposited tax free into the account) plus a 10% penalty. I can not get an answer on how i pay this fee, i have a feeling i report it on my taxes next year but just want to make sure. i had someone file my taxes for me and so i am not familiar with this form, does anyone have an idea how it works? thanks.
 
There is a special form from the IRS that you file with your tax return for MSA contributions and expenses, it's probably there. I forget the form number but it's in the tax instructions.
 
i did see the form and it looks like i would deal with it there but just wasn't sure, i went ahead and bought the tires anyway so ill find out, hopefully not the hard way:D
 

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