Common use of Purposes of Withdrawals Clause in Contracts

Purposes of Withdrawals. (a) You may make withdrawals for any purpose. You understand and acknowledge that any amounts withdrawn from your HSA that are not used exclusively to pay for Qualified Medical Expenses are includable in your gross income and may also be subject to an additional excise tax prescribed by IRS Rules. You assume full responsibility for determining the tax consequences of any withdrawal from the HSA, for maintaining adequate records of all withdrawals for tax purposes, and for paying any taxes arising as a result of any such withdrawal that is not otherwise for Qualified Medical Expenses. We have no responsibility to, and will not, verify the purpose of your withdrawals or determine whether your withdrawals comply with this Agreement or applicable law. (b) If there is clear and convincing evidence that any withdrawal from your HSA was made because of a mistake of fact due to reasonable cause, we may, in our sole discretion, allow you to redeposit the mistaken distribution to your Deposit Account before the due date of the tax return (without regard to extensions) for the year in which you knew or should have known that the distribution was a mistake. Any such repayment of a mistaken distribution into your HSA will not be treated as another contribution for the year. If we allow repayment of a mistaken distribution, we may rely solely on your representation that such withdrawal was a mistaken distribution in accordance with IRS Rules. We are not liable for any adverse tax consequences that may arise from your repayment of a mistaken distribution. In addition, you are not entitled to a credit for any interest or other earnings that might otherwise have accrued prior to the date the mistaken distribution is re-deposited into the HSA.

Purposes of Withdrawals. (a) You may make withdrawals for any purpose. You understand and acknowledge that any amounts withdrawn from your HSA that are not used exclusively to pay for Qualified Medical Expenses are includable in your gross income and may also be subject to an additional excise tax prescribed by IRS Rules. You assume full responsibility for determining the tax consequences of any withdrawal from the HSA, for maintaining adequate records of all withdrawals for tax purposes, and for paying any taxes arising as a result of any such withdrawal that is not otherwise for Qualified Medical Expensesqualified medical expenses. We have no responsibility to, and will not, verify the purpose of your withdrawals or determine whether your withdrawals comply with this Agreement or applicable law. (b) If there is clear and convincing evidence that any withdrawal from your HSA was made because of a mistake of fact due to reasonable cause, we may, in our sole discretion, allow you to redeposit the mistaken distribution to your Deposit Account before the due date of the tax return (without regard to extensions) for the year in which you knew or should have known that the distribution was a mistake. Any such repayment of a mistaken distribution into your HSA will not be treated as another contribution for the year. If we allow repayment of a mistaken distribution, we may rely solely on your representation that such withdrawal was a mistaken distribution in accordance with IRS Rules. We are not liable for any adverse tax consequences that may arise from your repayment of a mistaken distribution. In addition, you are not entitled to a credit for any interest or other earnings that might otherwise have accrued prior to the date the mistaken distribution is re-deposited into the HSA.

Purposes of Withdrawals. ‌ (a) You may make withdrawals for any purpose. You understand and acknowledge that any amounts withdrawn from your Your HSA that are not used exclusively to pay for Qualified Medical Expenses qualified medical expenses (as defined by IRS Rules) are includable in your Your gross income and may also be subject to an additional excise tax prescribed by IRS Rules. You assume full responsibility for determining the tax consequences of any withdrawal from the HSA, for maintaining adequate records of all withdrawals for tax purposes, and for paying any taxes arising as a result of any such withdrawal that is not otherwise for Qualified Medical Expensesqualified medical expenses. We have no responsibility to, and will not, to verify the purpose of your Your withdrawals or determine whether your Your withdrawals comply with this Agreement or applicable law. (b) If there is clear and convincing evidence that any withdrawal from your Your HSA was made because of a mistake of fact due to reasonable cause, we may, in our sole discretion, allow you You to redeposit the mistaken distribution to your Your Deposit Account before the due date of the tax return (without regard to extensions) for the year in which you You knew or should have known that the distribution was a mistake. Any such repayment of a mistaken distribution into your Your HSA will not be treated as another contribution for the year. If we allow repayment of a mistaken distribution, we may rely solely on your Your representation that such withdrawal was a mistaken distribution in accordance with IRS Rules. We are not liable for any adverse tax consequences that may arise from your Your repayment of a mistaken distribution. In addition, you You are not entitled to a credit for any interest or other earnings that might otherwise have accrued prior to the date the mistaken distribution is re-deposited into the HSA.