The Money Mustache Community
Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: The_Pretender on February 13, 2016, 11:23:24 AM
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I'll try to keep this short and concise.
This is my first year of an HSA. I paid for all medical expenses out of pocket. I am contemplating on whether to pull HSA $$ out and in turn put those $$ into my IRA. My HSA has enough to cover my Max OOP. I'm in the 25% tax bracket. We are talking small dollars ($720) and boost to the return ($180).
Just curious if anyone else has thought about this?
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I'd take what your HSA owes you if you can't find the IRA otherwise.
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I do that to fund my Roth IRA so I say yes, but then again my answer is biased.
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I like that idea of the Roth to protect yourself from law changes. Right now my understanding is that you can save receipts starting the year you open the HSA. You then use those receipts later down the road to withdraw when you need to.
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Pretender looks like you're new here. But don't do Roth due to tax law changes. Just like you don't have a crystal ball to know where the market is going you have no idea about tax law changes all you can so is save based on the current laws then adapt if it changes. If you're not too high of income you should be maxing all tax deferred accounts only do Roth if you have to.