Thursday, December 8, 2011

Do you have to have a receipt for each transaction from your HSA account.?

Or can you just have several that add up to approximately the same amount withdrawn? If I have had 5 transactions of approximately 100.00 from my HSA, can I just supply that amount worth of receipts? Even if the dates are not the same? Does the IRS verify each transaction or will they just be looking for receipts totaling that amount?|||If you are audited the IRS will be looking to verify each transaction. Canopy Financial puts out an an annual HSA Road Rules publication that addresses this topic saying:





There is no time limit as to when you can reimburse yourself for your healthcare expenses; you just need to keep legible receipts and records in case you do reimburse yourself or if you are audited.





Another suggestion is to get a debit card from your HSA administrator. Makes reconciliation (and payments) much easier.|||There's nothing 'approximate' about it. You can go to the doctor 5 times over a series of months at $100 each and write yourself one check for $500 to reimburse yourself. BUT, if they're 'about' $100 each then you add them up and reimburse yourself to the penny. The easier way of course is to just write the check to the provider directly.





The IRS does ask 'about' how much you make.|||You need a receipt for each item. The HSA administrator will verify each item.

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