Planning for HSA Distributions
Last month we shared the triple tax benefits of Health Savings Accounts (HSA) to help save for future healthcare costs. But how do you access the funds for out-of-pocket medical expenses once you’ve started saving? Like all qualified savings plans, you need to play by the IRS rules to enjoy the tax benefits and avoid expensive penalties. The penalty for failing to follow HSA distribution rules can result in you not only having to pay income tax on the entire distribution, but also a 20% penalty on top of that.
To ensure you take your withdrawals properly, click here to download “Planning for HSA Distributions in 5 Easy Steps.”
Fixing Rollover Mistakes with Self-Certification
If you recently withdrew money from your retirement account with plans to execute a 60-Day rollover but
missed your deadline, you may be worried about the consequences. We get it, life happens, and fortunately,
the IRS understands this too!
If you missed the 60-day deadline for completing an IRA rollover due to an error or an unexpected life
circumstance, the IRS has an option for individuals to self-certify for a waiver of the deadline so that they can
complete a late rollover.
To find out how to go about the self-certification process, click here to download “Fixing Missed 60-Day
Rollover Mistakes with Self-Certification in 5 Easy Steps.”
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Investment advisory services offered through ChangePath LLC, a Registered Investment Adviser. Insurance services are offered through Retirement & Wealth Solutions of Nebraska. Retirement & Wealth Solutions of Nebraska and ChangePath, LLC are unaffiliated.