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After I received my Form 5498-SA 2011 from the trustee of my Health Savings Account, I discovered that I had contributed approximately $200 too much to the account in 2011. I applied for and received a return of the excess contribution for 2011 and its earnings in March of 2012. Would the trustee normally issue a corrected Form 5498-SA for 2011?
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After I received my Form 5498-SA 2011 from the trustee of my Health Savings Account, I discovered that I had contributed approximately $200 too much to the account in 2011. I applied for and received a return of the excess contribution for 2011 and its earnings in March of 2012. Would the trustee normally issue a corrected Form 5498-SA for 2011?

No. You deal with this on your Form 8889.

Phil
Rule Your Retirement Home Fool
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My bank just sent me a sheet urging me to get one of their Health Savings Accounts. They give 11 reasons why I should get one.

The one that confuses me says, "Funds accumulate over time and roll over tax free from year to year."

Can this be true?
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"Funds accumulate over time and roll over tax free from year to year."

Can this be true?


Sure, assuming you don't have medical expenses. See Pub 969.

Phil
Rule Your Retirement Home Fool
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Pub. 969 is printing as I type this. Thank you.
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The one that confuses me says, "Funds accumulate over time and roll over tax free from year to year."

Can this be true?


In addition to Phil's response about not spending on current medical expenses, I would add that you also must be eligible to qualify to contribute to an HSA by being covered by an eligible HDHP (High Deductible Health Plan).

AJ
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So funny, Jean, I just commented (2nd to last) here below your comment and incidentally mentioned my own HSA which I love. Good luck with yours, a very smart call...and yes it's true. http://www.fool.com/investing/general/2012/03/20/health-care... Spot
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