![]() I know it is overkill but usually doesn’t take much time. ![]() I suggest when you have the digital backup you save in 4 locations. You can use other services like pcloud, one drive, google drive to save the backup. I have a premium subscription since I used Evernote for other tasks also.ĭropbox account is free too with enough space for saving years of receipts. This way you can use Evernote account for free. Scannable directly uploads to Evernote.Įvernote lets you upload a certain amount (for example 60MB) every month which is more than sufficient for HSA receipts. Use Scannable app or Dropbox app to scan receipts (both apps are free). This is my method but you can decide to make your own method but make sure you have digital copies! So it is much better to have scanned copies of the receipts. So you need to have all the receipts backup stored.įor those people who are only saving physical receipts, I think they are good for a few years but you might lose them or they can get discolored (especially receipts from retail stores or pharmacies like Walgreens & CVS). ![]() When you withdraw IRS may ask for information on why you are withdrawing this money. So let’s say it is 2035 and your HSA account has compounded for the last 20 years and now you want to withdraw a chunk claiming that the expenses were healthcare eligible expenses which happened from 2015-2020. If you want to make your HSA a supercharged retirement account you need to withdraw money from HSA once it has been compounded tax-free for a number of years rather than withdrawing every year or suing that debit card you got from your HSA provider.Īnd when you withdraw you need a backup of which healthcare related expenses you are withdrawing. This is one of the best tax loopholes (of course legal!). Do you want an average HSA or a supercharged retirement account?
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