Form Msa - Montana Medical Care Savings Account - 2013 Page 3
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5I paid several eligible medical bills from my regular
checking account in 2013. Can I reimburse myself for
these amounts from my Montana medical care savings
account? If I can, how soon do I have to withdraw
funds from my Montana medical care savings account
and deposit them in my checking account?
You can reimburse yourself from the medical savings
account for eligible medical expenses you paid, even if
the expenses were incurred before you established the
account. You have until December 31, 2013 to withdraw
funds from your Montana medical care savings account to
reimburse yourself for funds withdrawn from your checking
account. However, if the eligible medical expenses were
paid after December 1, 2013, you have until January 15,
2014 to withdraw funds to reimburse yourself.
I have a Montana medical care savings account. I
withdrew funds during 2013 that were not used for
eligible medical expenses. Are there any penalties that
I have to pay because of this withdrawal?
When you withdraw funds from your Montana medical care
savings account for some purpose other than payment
of eligible medical expenses, you incur a 10% penalty on
these withdrawals, unless you withdraw them on the last
business day of your tax year. You will need to complete
Part II of this form to calculate your penalty.
In all cases, your nonqualifi ed withdrawals are considered
ordinary income in the year that you withdraw the funds
and are included as an addition to federal adjusted gross
income in calculating your Montana adjusted gross income.
What records do I have to maintain to verify that my
withdrawals from my Montana medical care savings
account were used for eligible medical expenses?
You will need to maintain documentation that proves that
your withdrawals in 2013 were used to pay (either as a
reimbursement or a direct payment) for eligible medical
expenses in 2013 for yourself, your spouse and your
eligible dependents.
Administrative Rules of Montana: 42.15.601 through
42.15.605
Questions? Please call us toll free at (866) 859-2254 (in
Helena, 444-6900), or access the Montana State University
Extension MontGuide at
savingspublications.html.
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