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Please tell me how I can Borrow & repay without it being treated as a taxable distribution.
August 12, 2015 03:03:06 PM
In reply to Margaret, Jacksonville
Thanks for joining us on TD Helps, Margaret. We'll be glad to provide you with details on the Health Savings account.
Any distributions are tax-free if used to pay for qualified medical expenses. If the distribution is not used for qualified medical expenses, then that distribution would be considered taxable income, and is also subject to an additional IRS penalty.
If you have any question on what qualifies as a qualified medical expense please view: http://1.usa.gov/1KWJuLg and http://1.usa.gov/SU4B7T.
If you have any additional questions, please contact our HSA department directly during regular business hours by dialing 800-231-8193 and choose Option 3. Additionally, you may visit a nearby TD Store for further details. For a listing of our Store locations and hours please view: http://bit.ly/TDStores
We hope this helps, Margaret and have a wonderful day!
Colleen B, Mount Laurel
August 12, 2015 03:04:10 PM