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Re: HSA Bank eliminating investment options
bmira wrote: ↑Tue Aug 27, 2024 1:07 pmLyrrad wrote: ↑Mon Aug 26, 2024 7:37 pm
While you’re in CA, your HSA contributions should not state-tax deductible. It will be reported in your W2 for contributions out of your paycheck whereas a tax resident of California.Payroll HSA contributions are exempt from FICA taxes, as others have famous.
When it comes to planning for a transfer to CA (or NJ) from a state that doesn’t tax HSAs:
– Take into account promoting and repurchasing any tax tons with an unrealized capital achieve earlier than the transfer to extend the fee foundation (e.g. tax-gain harvesting).
– Take into account tax-loss harvesting any tons with unrealized losses after shifting to CA. You may then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, contemplate frontloading contributions earlier than shifting to doubtlessly keep away from state taxation that yr.I’m happy with the tax reporting instruments at Constancy on the Desktop web site. Whereas the “Tax Data YTD” web page is not out there for HSAs, I’m able to view my “Realized Achieve/Loss Abstract”, and have a filter for my year-to-date Dividends/Curiosity on the “Exercise & Orders” tab.
Thanks for the guidelines. I will promote/repurchase unrealized capital beneficial properties earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 charge as a value of having the ability to use Constancy or is there an uncomplicated solution to get it waived?
I do not know what $2.50 charge you’re speaking about. Constancy prices no charges for it is HSAs.
Re: HSA Bank eliminating investment options
Making an attempt to determine which is right and if anybody transferred with such holdings.
Re: HSA Bank eliminating investment options
tj wrote: ↑Tue Aug 27, 2024 1:30 pmbmira wrote: ↑Tue Aug 27, 2024 1:07 pmLyrrad wrote: ↑Mon Aug 26, 2024 7:37 pm
While you’re in CA, your HSA contributions should not state-tax deductible. It will be reported in your W2 for contributions out of your paycheck whereas a tax resident of California.Payroll HSA contributions are exempt from FICA taxes, as others have famous.
When it comes to planning for a transfer to CA (or NJ) from a state that doesn’t tax HSAs:
– Take into account promoting and repurchasing any tax tons with an unrealized capital achieve earlier than the transfer to extend the fee foundation (e.g. tax-gain harvesting).
– Take into account tax-loss harvesting any tons with unrealized losses after shifting to CA. You may then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, contemplate frontloading contributions earlier than shifting to doubtlessly keep away from state taxation that yr.I’m happy with the tax reporting instruments at Constancy on the Desktop web site. Whereas the “Tax Data YTD” web page is not out there for HSAs, I’m able to view my “Realized Achieve/Loss Abstract”, and have a filter for my year-to-date Dividends/Curiosity on the “Exercise & Orders” tab.
Thanks for the guidelines. I will promote/repurchase unrealized capital beneficial properties earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 charge as a value of having the ability to use Constancy or is there an uncomplicated solution to get it waived?
I do not know what $2.50 charge you’re speaking about. Constancy prices no charges for it is HSAs.
The HSA Financial institution charge for having a money steadiness under a sure threshold, whether or not it is $3,000 or $5,000. It isn’t one thing I’ve ever beforehand considered given the connection between Schwab and HSA Financial institution, however now can be the case if like everybody else I switch practically all the things to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
Re: HSA Bank eliminating investment options
bmira wrote: ↑Wed Aug 28, 2024 8:44 pmtj wrote: ↑Tue Aug 27, 2024 1:30 pmbmira wrote: ↑Tue Aug 27, 2024 1:07 pmLyrrad wrote: ↑Mon Aug 26, 2024 7:37 pm
While you’re in CA, your HSA contributions should not state-tax deductible. It will be reported in your W2 for contributions out of your paycheck whereas a tax resident of California.Payroll HSA contributions are exempt from FICA taxes, as others have famous.
When it comes to planning for a transfer to CA (or NJ) from a state that doesn’t tax HSAs:
– Take into account promoting and repurchasing any tax tons with an unrealized capital achieve earlier than the transfer to extend the fee foundation (e.g. tax-gain harvesting).
– Take into account tax-loss harvesting any tons with unrealized losses after shifting to CA. You may then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, contemplate frontloading contributions earlier than shifting to doubtlessly keep away from state taxation that yr.I’m happy with the tax reporting instruments at Constancy on the Desktop web site. Whereas the “Tax Data YTD” web page is not out there for HSAs, I’m able to view my “Realized Achieve/Loss Abstract”, and have a filter for my year-to-date Dividends/Curiosity on the “Exercise & Orders” tab.
Thanks for the guidelines. I will promote/repurchase unrealized capital beneficial properties earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 charge as a value of having the ability to use Constancy or is there an uncomplicated solution to get it waived?
I do not know what $2.50 charge you’re speaking about. Constancy prices no charges for it is HSAs.
The HSA Financial institution charge for having a money steadiness under a sure threshold, whether or not it is $3,000 or $5,000. It isn’t one thing I’ve ever beforehand considered given the connection between Schwab and HSA Financial institution, however now can be the case if like everybody else I switch practically all the things to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means received charged such a charge by HSA Financial institution. You could not have GEHA?
Re: HSA Bank eliminating investment options
tj wrote: ↑Wed Aug 28, 2024 9:04 pmbmira wrote: ↑Wed Aug 28, 2024 8:44 pmtj wrote: ↑Tue Aug 27, 2024 1:30 pmbmira wrote: ↑Tue Aug 27, 2024 1:07 pmLyrrad wrote: ↑Mon Aug 26, 2024 7:37 pm
While you’re in CA, your HSA contributions should not state-tax deductible. It will be reported in your W2 for contributions out of your paycheck whereas a tax resident of California.Payroll HSA contributions are exempt from FICA taxes, as others have famous.
When it comes to planning for a transfer to CA (or NJ) from a state that doesn’t tax HSAs:
– Take into account promoting and repurchasing any tax tons with an unrealized capital achieve earlier than the transfer to extend the fee foundation (e.g. tax-gain harvesting).
– Take into account tax-loss harvesting any tons with unrealized losses after shifting to CA. You may then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, contemplate frontloading contributions earlier than shifting to doubtlessly keep away from state taxation that yr.I’m happy with the tax reporting instruments at Constancy on the Desktop web site. Whereas the “Tax Data YTD” web page is not out there for HSAs, I’m able to view my “Realized Achieve/Loss Abstract”, and have a filter for my year-to-date Dividends/Curiosity on the “Exercise & Orders” tab.
Thanks for the guidelines. I will promote/repurchase unrealized capital beneficial properties earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 charge as a value of having the ability to use Constancy or is there an uncomplicated solution to get it waived?
I do not know what $2.50 charge you’re speaking about. Constancy prices no charges for it is HSAs.
The HSA Financial institution charge for having a money steadiness under a sure threshold, whether or not it is $3,000 or $5,000. It isn’t one thing I’ve ever beforehand considered given the connection between Schwab and HSA Financial institution, however now can be the case if like everybody else I switch practically all the things to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means received charged such a charge by HSA Financial institution. You could not have GEHA?
Nope not GEHA. $2.50/mth is pretty inconsequential IMO however am aiming to optimize nonetheless. Feels like most individuals right here do not have a charge although
Re: HSA Bank eliminating investment options
bmira wrote: ↑Thu Aug 29, 2024 4:32 pmtj wrote: ↑Wed Aug 28, 2024 9:04 pmbmira wrote: ↑Wed Aug 28, 2024 8:44 pmtj wrote: ↑Tue Aug 27, 2024 1:30 pmbmira wrote: ↑Tue Aug 27, 2024 1:07 pmThanks for the guidelines. I will promote/repurchase unrealized capital beneficial properties earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 charge as a value of having the ability to use Constancy or is there an uncomplicated solution to get it waived?
I do not know what $2.50 charge you’re speaking about. Constancy prices no charges for it is HSAs.
The HSA Financial institution charge for having a money steadiness under a sure threshold, whether or not it is $3,000 or $5,000. It isn’t one thing I’ve ever beforehand considered given the connection between Schwab and HSA Financial institution, however now can be the case if like everybody else I switch practically all the things to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means received charged such a charge by HSA Financial institution. You could not have GEHA?
Nope not GEHA. $2.50/mth is pretty inconsequential IMO however am aiming to optimize nonetheless. Feels like most individuals right here do not have a charge although
We now have GEHA and our charge was waived so long as you had $1000 at HSA Financial institution. I am undecided if that’s nonetheless a requirement.
Re: HSA Bank eliminating investment options
RJC wrote: ↑Fri Aug 30, 2024 7:45 ambmira wrote: ↑Thu Aug 29, 2024 4:32 pmtj wrote: ↑Wed Aug 28, 2024 9:04 pmbmira wrote: ↑Wed Aug 28, 2024 8:44 pmThe HSA Financial institution charge for having a money steadiness under a sure threshold, whether or not it is $3,000 or $5,000. It isn’t one thing I’ve ever beforehand considered given the connection between Schwab and HSA Financial institution, however now can be the case if like everybody else I switch practically all the things to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means received charged such a charge by HSA Financial institution. You could not have GEHA?
Nope not GEHA. $2.50/mth is pretty inconsequential IMO however am aiming to optimize nonetheless. Feels like most individuals right here do not have a charge although
We now have GEHA and our charge was waived so long as you had $1000 at HSA Financial institution. I am undecided if that’s nonetheless a requirement.
It has been diminished from 1000 a very long time in the past.
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Re: HSA Bank eliminating investment options
My first sweep a pair weeks in the past was for a pair hundred {dollars} (latest employer + worker contribution) and went by way of effective. However yesterday one other sweep for the same quantity was rejected a number of instances with an error message that learn “Transaction failed; different error”.
The fund has a minimal preliminary funding of $50K. The truth that the primary sweep went by way of effective makes me imagine that the minimal is waived for institutional accounts. However the failure of the second sweep has me questioning that assumption now. HSA Financial institution’s customer support wasn’t in a position to establish the rationale for the transaction failure.
Any ideas as to what could be happening? Anybody else have an identical concern?
Be aware: My employer requires me to maintain the HSA Financial institution aspect of issues open (with $1K minimal in money) so as to have the ability to take part within the HSA. In order that’s why I want to determine find out how to make the funding half work. (The majority of the HSA funds are with Schwab and shifting to Constancy is one thing that I’m contemplating.)
Thanks.
Re: HSA Bank eliminating investment options
Go browsing in Constancy and request a separate switch. I did a switch for Schwab and one other one for HSA Financial institution which is all in money.
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After just a few weeks, I simply received a letter from Constancy stating the HSA Checking account switch is not doable for them to execute because of HSA Financial institution’s coverage not to discuss any accounts besides on to prospects. I assume I now have some hoops to leap by way of to truly shut the account however am additionally anxious about any transfers I execute immediately being categorized for taxes as HSA attracts quite than trustee-to-trustee. Has anybody had this occur?
Re: HSA Bank eliminating investment options
I simply received a letter from Constancy stating the HSA Checking account switch is not doable for them to execute because of HSA Financial institution’s coverage not to discuss any accounts besides on to prospects. I assume I now have some hoops to leap by way of to truly shut the account however am additionally anxious about any transfers I execute immediately being categorized for taxes as HSA attracts quite than trustee-to-trustee. Has anybody had this occur?
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Re: HSA Bank eliminating investment options
mpny wrote: ↑Sat Aug 31, 2024 6:19 am
I attempted doing two account switch requests into Constancy. The Schwab one labored, the HSA Financial institution request (for a <$1000 money the rest there) simply failed/received rejected after a number of weeks.I simply received a letter from Constancy stating the HSA Checking account switch is not doable for them to execute because of HSA Financial institution’s coverage not to discuss any accounts besides on to prospects. I assume I now have some hoops to leap by way of to truly shut the account however am additionally anxious about any transfers I execute immediately being categorized for taxes as HSA attracts quite than trustee-to-trustee. Has anybody had this occur?
Fwiw, I received the identical from Constancy and emailed HSA Financial institution. They mentioned they will not launch particulars until I name. Right here we go…
Re: HSA Bank eliminating investment options
“Thanks in your request to switch belongings to Constancy. As of the date on this letter, your switch from HSA BANK has
not but been accomplished.
We have been unable to get any details about the standing of your switch from HSA BANK due to their coverage to
solely launch info to account homeowners.
For an replace in your switch, you will have to contact HSA BANK. In the event you require extra help from Constancy
afterwards, please name us at (800) 756-0128 and reference the file quantity under.
Sincerely,
Constancy Investments”
Re: HSA Bank eliminating investment options
I initiated a money switch (lower than the full money out there) from HSA Financial institution to Constancy on August 11. Nonetheless no phrase, although Constancy had an estimated completion date of August 30.
Re: HSA Bank eliminating investment options
This HSA Bank form appears to point {that a} paper type with bodily signature is required, so perhaps that’s the concern.
Maybe it will be simpler to provoke a switch from Constancy to tug from DriveWealth as a substitute of from HSA Financial institution?
