Can You Move Money from a Taxable Account to an HSA?

Yes, you can move money from a taxable account to a Health Savings Account (HSA). This offers a tax-advantaged way to save for medical expenses while potentially reducing your taxable income.

When considering transferring funds to an HSA from a taxable account, here are some key points to keep in mind:

• Check if your HSA provider allows rollovers or transfers from other accounts.
• Ensure that the money transferred is used for qualified medical expenses to maintain the tax benefits.
• Consider the tax implications of transferring money to an HSA, as contributions are tax-deductible.

Absolutely! Moving money from a taxable account to a Health Savings Account (HSA) is a viable option that not only provides a safety net for your medical expenses but also offers significant tax benefits along the way.