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 elect to take a qualified HSA funding distribution from your ▇▇▇▇ ▇▇▇ to the extent such distribution is contributed to your HSA in a trustee-to-trustee transfer. This amount is aggregated with all other annual HSA contributions and is subject to your annual HSA contribution limit. A qualified HSA funding distribution election is irrevocable and is generally available once in your lifetime. A testing period applies. The testing period for this provision begins with the month of the contribution to your HSA and ends on the last day of the 12th month following such month. If you are not an eligible individual for the entire testing period, unless you die or become disabled, the amount of the distribution made under this provision may be includable in gross income for the tax year of the month you are not an eligible individual, and may be subject to a 10 percent penalty tax.

Qualified Health Savings Account (HSA) Funding Distribution. If you are an HSA eligible individual, you may elect to take a qualified HSA funding distribution from your ▇▇▇▇ ▇▇▇ IRA (not including ongoing SEP and SIMPLE IRAs) to the extent such distribution is contributed to your HSA in a trustee-to-trustee transfer. This amount is aggregated with all other annual HSA contributions and is subject to your annual HSA contribution limit. A qualified HSA funding distribution election is irrevocable and is generally available once in your lifetime. A testing period applies. The testing period for this provision begins with the month of the contribution to your HSA and ends on the last day of the 12th month following such month. If you are not an eligible individual for the entire testing period, unless you die or become disabled, the amount of the distribution made under this provision may will be includable in gross income for the tax year of the month you are not an eligible individual, and may be is subject to a 10 percent penalty tax.

Qualified Health Savings Account (HSA) Funding Distribution. If you are an HSA eligible individual, you may elect to take a qualified HSA funding distribution from your ▇▇▇▇ ▇▇▇ (not including ongoing SEP and SIMPLE IRAs) to the extent such distribution is contributed to your HSA in a trustee-to-trustee transfer. This amount is aggregated with all other annual HSA contributions and is subject to your annual HSA contribution limit. A qualified HSA funding distribution election is irrevocable and is generally available once in your lifetime. A testing period applies. The testing period for this provision begins with the month of the contribution to your HSA and ends on the last day of the 12th month following such month. If you are not an eligible individual for the entire testing period, unless you die or become disabled, the amount of the distribution made under this provision may will be includable in gross income for the tax year of the month you are not an eligible individual, and may be is subject to a 10 percent penalty tax.