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HSA and IRA

Health Savings Account (HSA)

A HSA is an account designed to help you save specifically for health care costs.

Account Requirements

  • Must have a qualifying HDHP (High Deductible Health Plan) to open
  • Not be enrolled in Medicare
  • No other medical coverage
  • Not claimed as a dependent on someone else’s tax return

Please consult your tax advisor for advice.

Are my expenses qualified?

Learn More

Beneficiary Info to Bring

  • Their Full Name
  • Their Address
  • Their Birth Date
  • Their Social Security Number
  • Their Relationship to Owner

Frequently Asked Questions for HSAs

What are the benefits of having an HSA?

It helps you specifically save for health care costs, you control what health expenses the funds are used for, and the money in the account rolls over from year to year.

What is the deadline for annual contributions?

The tax filing date.

What beneficiary info do I need to bring?

Their name, address, birth date, social security number, and relationship to owner.

Individual Retirement Accounts (IRA)

Beneficiary Info to Bring

View List

Personal bankers will need to know what year contributions are for, the amount, and what type of IRA you would like to open.
Please consult your tax advisor for advice.

Traditional IRAs

  • Defers taxes on earnings until withdrawn
  • Certain contributions are tax deductible for the tax year for which they are made
  • Required minimum distributions begin at age 73

Roth IRAs

  • Non-deductible contributions

  • Certain distributions are tax free after a 5 year holding period.

  • No required minimum distributions

Important Notice for IRAs

A Change to Taxation of Retirement Income in the State of Iowa

Effective January 1, 2023, Iowa taxpayers will catch a break on the state taxes paid on “retirement” income. The new law exempts Iowa taxation on all “retirement income” for those who are disabled or 55+ years old. It also exempts retirement income received by surviving spouses. Retirement income includes, but not limited to:

  • 401(k), 403(b), and Individual 401(k) Plan Distributions
  • IRA Distributions
  • Deferred Compensation Plans
  • Pensions (Government & Private)

Client Note: For those of you that currently request withholding Iowa taxes from your IRA distributions, you will want to work with your accountant to determine if you will want to continue withholding. If you choose to change or discontinue state withholding from your IRA distribution in 2023 and beyond, please contact us as soon as possible at 800-423-1602.

Learning Resources

Health Savings Account Article

If you have a high-deductible plan, you can allocate tax-free income toward your health with a health savings account.

Read Article

How to Make the Most of your HSA or FSA

Learn the difference between a HSA and FSA, and predict your health care costs.

Learn More

Financial Wellness Assessment

Use the Financial Wellness Assessment to discover your personal finance strengths and weaknesses.

Take Assessment

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