How to Withdraw Excess Contribution on HSA?

If you have contributed too much to your Health Savings Account (HSA), you'll want to correct the excess contributions to avoid penalties. Withdrawing the excess is a simple process that can be done by following these steps:

1. Calculate the Excess: Determine how much you have over-contributed to your HSA.
2. Contact Your HSA Provider: Reach out to your HSA provider to inform them of the excess contribution and request a distribution form.
3. Complete the Distribution Form: Fill out the necessary form provided by your HSA provider to initiate the withdrawal of the excess contribution.
4. Submit the Form: Send the completed form back to your HSA provider for processing.
5. Receive the Funds: Once the withdrawal is processed, you will receive the excess contribution amount in your account.

Withdrawal of excess contributions should be done before the tax filing deadline for the year to avoid additional taxes and penalties. If you need further assistance, it's recommended to consult with a tax professional or financial advisor.

If you've mistakenly put too much money into your Health Savings Account (HSA), don't panic! There's a simple way to withdraw the excess contributions. Start by calculating how much you've over-contributed to avoid hefty penalties.