Common use of Qualified Health Savings Account (HSA) Funding Distribution Clause in Contracts

Qualified Health Savings Account (HSA) Funding Distribution. If you are an HSA eligible individual, you may be eligible to do a tax-free transfer of IRA assets to your HSA. This transfer, which is referred to as a qualified HSA funding distribution, is subject to HSA contribution limits. You must irrevocably elect to treat such distribution as a qualified HSA funding distribution. Generally, you are limited to one qualified HSA funding distribution from any of your IRAs during your lifetime. If an employer contribution under Simplified Employee Pension (SEP) plan is made to this IRA for the plan year ending with or within your tax year in which the qualified HSA funding distribution would be made, you are ineligible to do a qualified HSA funding distribution from this IRA for that year. For assistance in determining to what extent you may be eligible to make a qualified HSA funding distribution, consult your tax advisor. BENEFICIARY DISTRIBUTIONS – DEATH OF IRA OWNER BEFORE JANUARY 1, 2020 Any amounts remaining in your IRA at your death will be paid to your beneficiary(ies) as required under the Code and Treasury Regulations.

Qualified Health Savings Account (HSA) Funding Distribution. If you are an HSA eligible individual, you may be eligible to do a tax-free tax‐free transfer of IRA assets to your HSA. This transfer, which is referred to as a qualified HSA funding distribution, is subject to HSA contribution limits. You must irrevocably elect to treat such distribution as a qualified HSA funding distribution. Generally, you are limited to one qualified HSA funding distribution from any of your IRAs during your lifetime. If an employer contribution under Simplified Employee Pension (SEP) plan is made to this IRA for the plan year ending with or within your tax year in which the qualified HSA funding distribution would be made, you are ineligible to do a qualified HSA funding distribution from this IRA for that year. For assistance in determining to what extent you may be eligible to make a qualified HSA funding distribution, consult your tax advisor. BENEFICIARY DISTRIBUTIONS – DEATH OF IRA OWNER BEFORE JANUARY 1, 2020 Any amounts remaining in your IRA at your death will be paid to your beneficiary(ies) as required under the Code and Treasury Regulations.