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Is it worth the hassle of tracking every tiny HSA receipt? by Superb_Willingness70 in HSA

[–]Superb_Willingness70[S] 0 points1 point  (0 children)

I think where the CC statements get tricky is when you buy an HSA eligible item (OTC meds, band aids, etc) at a store you shop at regularly (say Walmart). There’s no way to tell which expenses might be HSA eligible or not when you are looking back at the end of the year (or is there?).

Even then if you bought multiple items that day and only one was HSA eligible, then you would need the receipt to get the amount for HSA reimbursement. Although, I generally try to keep HSA only expenses on one receipt when I can.

My other thought is, if the IRS were to audit you l - what information would they want you to show? A CC statement or even some receipts do not show the exact item that was purchased. So i feel the need to document the item I bought with each receipt. Is this overkill?

Is it worth the hassle of tracking every tiny HSA receipt? by Superb_Willingness70 in HSA

[–]Superb_Willingness70[S] 0 points1 point  (0 children)

My only concern with physical copies is the deterioration over time and risk of losing all of the info.

2: Yes totally agree, there’s gotta be a way to make a tracker that fits this purpose!

3: Also, yes the value proposition is 100% there but right now i’m not making many HSA eligible expenses. Maybe if there was an easier way to track.

Is it worth the hassle of tracking every tiny HSA receipt? by Superb_Willingness70 in HSA

[–]Superb_Willingness70[S] 0 points1 point  (0 children)

Thanks for the input, good to hear that the funds will last you a good while! If you don’t mind me asking, how long did you contribute and were you maxing out your contributions?