Qualified Health Savings Account (HSA) Funding Distribution. If IRA at any time during the year provided you satisfy your aggregate you are an HSA eligible individual, you may elect to take a qualified RMDs before the end of the distribution year. HSA funding distribution from your IRA (not including ongoing 7. Qualifying Longevity Annuity Contract (QLAC). The fair market SEP and SIMPLE IRAs) to the extent such distribution is value of any QLAC you hold in this IRA is not included in contributed to your HSA in a trustee-to-trustee transfer. This amount determining your adjusted account balance when calculating your is aggregated with all other annual HSA contributions and is subject RMD. If, however, you make an excess premium payment to your annual HSA contribution limit. A qualified HSA funding (premium payment that causes you to exceed the $135,000 (as distribution election is irrevocable and is generally available once in adjusted) or 25% of balance limitations) and the excess premium is your lifetime. A testing period applies. The testing period for this returned to the non-QLAC portion of your IRA after the valuation provision begins with the month of the contribution to your HSA date to determine the next year's RMD, such amount is added to the and ends on the last day of the 12th month following such month. If adjusted account balance used for the year of the return to calculate you are not an eligible individual for the entire testing period, unless your RMD. RMDs For Your Beneficiaries. You can designate specific individuals or after such date. The age of majority is an issue determined by other entitiesfincluding, but not limited to, an estate, a trust, or a charitable organizationfas your IRA death beneficiaries. The named beneficiaries that survive inherit any assets remaining in the IRA after your death. Different types of beneficiaries may have different options available.
Appears in 4 contracts
Samples: Customer Agreement, Customer Agreement, Customer Agreement
