Medicare A and Health Savings Accout

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mlatkinson
mlatkinson Member Newcomer
edited January 15 in Retirement Income

Hi,

I signed up for Medicare A deferring B because I am still working. I stopped deposits to the HSA starting 12/1/2023 and plan to have a $0 balance on 12/31/2023 (my 65th birthday, coincidentally). I heard that this might cause a tax issue because the government can go back 6 months. What tax issues might I have?

Thanks, Mary Lou Atkinson

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  • AlexO
    AlexO FreeTaxUSA Agent
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    Hello, mlatkinson!

    That is a great question!

    You should note, that you can still have an HSA and take HSA withdrawals even after you have Medicare. However, you cannot contribute to an HSA once covered by Medicare. Thus, without knowing the amount of contributions you made, I cannot state if you will have any tax issues. See page 7 at this link to determine the amount of contributions, if any, you can make to an HSA in the year you become covered by Medicare.

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