Focus on all common (i.e. non-personal) investing questions and points, investing information, and principle.
Re: HSA Bank eliminating investment options
bmira wrote: ↑Tue Aug 27, 2024 1:07 pmLyrrad wrote: ↑Mon Aug 26, 2024 7:37 pm
If you’re in CA, your HSA contributions usually are not state-tax deductible. It might 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 heaps 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 heaps with unrealized losses after shifting to CA. You could possibly then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, think about frontloading contributions earlier than shifting to probably keep away from state taxation that yr.I’m glad 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 Acquire/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 positive aspects earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 price as a price of with the ability to use Constancy or is there an uncomplicated method to get it waived?
I don’t know what $2.50 price you might be speaking about. Constancy fees no charges for it is HSAs.
Re: HSA Bank eliminating investment options
Making an attempt to determine which is appropriate 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
If you’re in CA, your HSA contributions usually are not state-tax deductible. It might 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 heaps 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 heaps with unrealized losses after shifting to CA. You could possibly then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, think about frontloading contributions earlier than shifting to probably keep away from state taxation that yr.I’m glad 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 Acquire/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 positive aspects earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 price as a price of with the ability to use Constancy or is there an uncomplicated method to get it waived?
I don’t know what $2.50 price you might be speaking about. Constancy fees no charges for it is HSAs.
The HSA Financial institution price 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 could be the case if like everybody else I switch almost every little thing 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
If you’re in CA, your HSA contributions usually are not state-tax deductible. It might 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 heaps 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 heaps with unrealized losses after shifting to CA. You could possibly then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, think about frontloading contributions earlier than shifting to probably keep away from state taxation that yr.I’m glad 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 Acquire/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 positive aspects earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 price as a price of with the ability to use Constancy or is there an uncomplicated method to get it waived?
I don’t know what $2.50 price you might be speaking about. Constancy fees no charges for it is HSAs.
The HSA Financial institution price 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 could be the case if like everybody else I switch almost every little thing to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means obtained charged such a price by HSA Financial institution. You need to 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
If you’re in CA, your HSA contributions usually are not state-tax deductible. It might 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 heaps 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 heaps with unrealized losses after shifting to CA. You could possibly then deduct these losses out of your CA revenue, although it complicates your state return.
– If shifting mid-year, think about frontloading contributions earlier than shifting to probably keep away from state taxation that yr.I’m glad 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 Acquire/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 positive aspects earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 price as a price of with the ability to use Constancy or is there an uncomplicated method to get it waived?
I don’t know what $2.50 price you might be speaking about. Constancy fees no charges for it is HSAs.
The HSA Financial institution price 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 could be the case if like everybody else I switch almost every little thing to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means obtained charged such a price by HSA Financial institution. You need to 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 price 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 positive aspects earlier than shifting to CA
For folks utilizing Constancy for HSA, is everybody simply consuming the $2.50 price as a price of with the ability to use Constancy or is there an uncomplicated method to get it waived?
I don’t know what $2.50 price you might be speaking about. Constancy fees no charges for it is HSAs.
The HSA Financial institution price 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 could be the case if like everybody else I switch almost every little thing to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means obtained charged such a price by HSA Financial institution. You need to 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 price although
We now have GEHA and our price 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 price 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 could be the case if like everybody else I switch almost every little thing to Constancy (leaving a small quantity behind to maintain HSA Financial institution energetic)
I by no means obtained charged such a price by HSA Financial institution. You need to 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 price although
We now have GEHA and our price 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.
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.
[/quote]
After a couple of weeks, I simply obtained a letter from Constancy stating the HSA Checking account switch is not attainable for them to execute on account of HSA Financial institution’s coverage not to talk about any accounts besides on to clients. I assume I now have some hoops to leap by way of to truly shut the account however am additionally frightened about any transfers I execute immediately being categorized for taxes as HSA attracts reasonably than trustee-to-trustee. Has anybody had this occur?
Re: HSA Bank eliminating investment options
I simply obtained a letter from Constancy stating the HSA Checking account switch is not attainable for them to execute on account of HSA Financial institution’s coverage not to talk about any accounts besides on to clients. I assume I now have some hoops to leap by way of to truly shut the account however am additionally frightened about any transfers I execute immediately being categorized for taxes as HSA attracts reasonably than trustee-to-trustee. Has anybody had this occur?
- Posts: 653
- Joined: Mon Jun 16, 2014 10:44 am
Re: HSA Bank eliminating investment options
Post
by stilllurking »
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/obtained rejected after a number of weeks.I simply obtained a letter from Constancy stating the HSA Checking account switch is not attainable for them to execute on account of HSA Financial institution’s coverage not to talk about any accounts besides on to clients. I assume I now have some hoops to leap by way of to truly shut the account however am additionally frightened about any transfers I execute immediately being categorized for taxes as HSA attracts reasonably than trustee-to-trustee. Has anybody had this occur?
Fwiw, I obtained the identical from Constancy and emailed HSA Financial institution. They stated they will not launch particulars until I name. Right here we go…
Re: HSA Bank eliminating investment options
“Thanks to 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 want to contact HSA BANK. If you happen to 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 whole 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 subject.
Maybe it could be simpler to provoke a switch from Constancy to drag from DriveWealth as a substitute of from HSA Financial institution?
Re: HSA Bank eliminating investment options
nps wrote: ↑Sat Aug 31, 2024 1:19 pm
Has anybody gotten a TOA to work from HSA Financial institution by way of Constancy’s on-line course of?This HSA Bank form appears to point {that a} paper type with bodily signature is required, so perhaps that’s the subject.
Maybe it could be simpler to provoke a switch from Constancy to drag from DriveWealth as a substitute of from HSA Financial institution?
I did. This is my HSA to Constancy timeline… I did not use the HSA Financial institution type.
Aug 5 – Initiated HSA Financial institution to Constancy switch from the Constancy web site.
Aug 15 – HSA Financial institution despatched a test to Constancy.
Aug 21 – Constancy acquired the HSA test and put an 8 day maintain on the test
Aug 29 – All funds have been out there to commerce/withdraw
The Schwab to Constancy switch was a lot simpler
Aug 16 – Initiated a Schwab to Constancy switch from the Constancy web site for a small quantity of surprising dividend/curiosity.
Aug 21 – Constancy acquired the Schwab switch electronically and I used to be capable of commerce/withdraw funds the identical day.