Scenario

Action

Resolution

You want to close your HSA and transfer your funds to a new HSA custodian.

1) Check the box in Step 2 to close your HSA.

2) Check "Transfer" as the distribution type.

3) Add the new custodian's information on the right-hand side.

Your funds will be sent to your new HSA custodian at the address you include on the form.


Important: We recommend contacting your new HSA custodian and confirming the address to send transfer funds to before submitting your form.

You want to close your HSA and roll the funds over to a new HSA custodian.

1) Check the box in Step 2 to close your HSA.

2) Check "Rollover" as the distribution type.

Your funds will be sent directly to you.


Important: You are responsible for rolling the funds over to your new HSA custodian within the designated timeframe. If you don’t, you may be subject to additional taxes per the IRS.

You want to close your HSA and do not intend to roll the funds over to a new HSA custodian.

1) Check the box in Step 2 to close your HSA.

2) Check "Normal" as the distribution type.

Your funds will be sent directly to you.


Important: Any part of a distribution not used to pay qualified medical expenses is includible in gross income and is subject to an additional 20% tax unless an exception applies, according to the IRS.

For help:

Contact WEX 866-451-3399