Get the free hsa recharacterization form - alliantcreditunion

11545 W. Touchy Avenue, Chicago, Illinois 60666 800-328-1935 www.alliantcreditunion.org IRA CONTRIBUTION CHARACTERIZATION member's name contact phone number member account number (10-digit) street

How to fill out hsa recharacterization form

How to fill out hsa recharacterization form:

1. Obtain the HSA recharacterization form from your HSA administrator or financial institution. The form may also be available for download on their website.
2. Provide your personal information such as your name, address, and Social Security number in the designated fields on the form.
3. Indicate the type of account being recharacterized, whether it is an HSA or a different type of account, such as an IRA.
4. Specify the tax year for which you are requesting the recharacterization. This is important as it affects how the transaction will be reported for tax purposes.
5. Provide details about the original contribution that you want to recharacterize, including the amount and the date it was made.
6. Clearly state the reason for the recharacterization, which could be due to an excess contribution, an incorrect contribution type, or a desire to move funds from one account to another.
7. If you are recharacterizing an HSA contribution made by your employer, you may need to provide additional employer-specific information, such as employer name and EIN.
8. Sign and date the form, certifying that the information provided is true and accurate to the best of your knowledge.
9. Submit the completed form to your HSA administrator or financial institution as instructed.

Who needs the hsa recharacterization form:

1. Individuals who have made incorrect or excess contributions to their HSA and wish to correct those contributions.
2. Individuals who have made HSA contributions but later realize they should have made the contributions to another type of account, such as an IRA.
3. Individuals who want to move funds from one HSA to another, either within the same financial institution or to a different institution.

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What is hsa recharacterization form?

The HSA recharacterization form is a form used to undo or reverse a previous contribution made to a Health Savings Account (HSA).

Who is required to file hsa recharacterization form?

Individuals who have made a contribution to an HSA and wish to undo or reverse that contribution are required to file an HSA recharacterization form.

How to fill out hsa recharacterization form?

To fill out the HSA recharacterization form, you will need to provide your personal information, the contribution details that you wish to reverse, and any supporting documentation. The form can usually be obtained from the HSA provider or the IRS website.

What is the purpose of hsa recharacterization form?

The purpose of the HSA recharacterization form is to allow individuals who have made a contribution to their HSA to correct any mistakes or change their contribution allocation without incurring penalties or taxes.

What information must be reported on hsa recharacterization form?

The HSA recharacterization form typically requires information such as the contributor's name, HSA account number, the amount and date of the original contribution, and the amount and date of the recharacterization.