Are transfer or rollover contributions permitted?
• HSA to HSA (transfers and rollovers) • Archer MSA to HSA (transfers and rollovers) • One-time IRA (not including a SEP or SIMPLE) transfer to an HSA. This transfer counts toward the annual maximum contribution. If you do not remain HSA-eligible for the next full 12 calendar months following the transfer (unless due to your death or disability), then you will be subject to normal income tax plus a 10% IRS penalty.As indicated above, a direct trustee-to-trustee transfer must be used in the case of an IRA. To minimize tax consequences where permitted, you should also consider a trustee-to-trustee transfer in the case of an HSA or Archer MSA transfer to an HSA. Please review and complete the Health Savings Account (HSA) Transfer / Rollover Review to facilitate the funds transfer. For more information, please contact your Southwest Personal Banker or consult your tax advisor.
