what is the percentage of tax and penalty on a health savings account?
I opened a Health savings account in 2007, I used some of the money to pay off some non medical bills, I was wondering what the income tax and penalty would be for this?
Any distributons used for any purpose other than qualified medical expenses is included in your gross income for the year and is taxed as ordinary income. Therefore the tax depends upon your marginal rate. If you’re in a 25% tax bracket, the tax would be 25% of the prohibited distribution. Additionally there is a 10% penalty tax on top of that. The 10% penalty tax does not apply to distributions that occur after the date you become disabled, turn age 65, or die.
Health Savings Accounts: Part I, The Basics
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