HSA rollover question

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  • #80546 Reply

      I made a hasty move and wondering if anyone has successfully been able to correct the same for themselves.

      I changed jobs in January after 8 years with my former employer. I rolled my 401k over in the smoothest transaction ever. Nearly 4 months later I’ve received 0 response from my HSA custodian after submitting rollover paperwork 6x and countless follow ups. I finally got annoyed and moved the 10k to my checking account. 

      I want to now put that into a fidelity HSA without penalty. I’ve opened the fidelity HSA to park my $$ – How can I correct / inform the IRS without creating a taxable event?

      #80547 Reply
      St Patrick

        If you deposit it into the new HSA within sixty days, it is an indirect rollover. You will report this on your tax return for the year in which you withdrew the money from your old HSA. You can do this once every twelve months.

        Direct rollovers (where the old HSA sends the money directly to the new HSA), a/k/a trustee-to-trustee transfers, are not subject to the twelve-month rule.

        #80548 Reply

          For future reference, initiate the transfer from Fidelity. It may take a few weeks, but will be completed properly.

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