Can I Use HSA Funds for Previous Year Medical Expenses?
Learn if Health Savings Account (HSA) funds can cover medical expenses from prior years and what eligibility rules apply.
Video transcript
HSA funds cannot be used for past year expenses unless the expenses were incurred after your HSA was established. You must have receipts of eligible medical expenses, and they need to be dated within the same year or after the establishment of the HSA account. It's important to keep detailed records of all transactions to ensure compliance.
Questions and answers
Can I use HSA funds for medical expenses incurred before opening my HSA?
No, HSA funds can only be used for medical expenses incurred after the HSA was established.
Do I need to keep receipts for HSA expenses?
Yes, it is important to keep detailed receipts of eligible medical expenses to ensure compliance with IRS rules.
Can I reimburse myself from HSA for expenses from previous tax years?
You can only reimburse expenses incurred after your HSA was opened, regardless of the tax year.
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