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Distributions from qualified retirement plans are taxed as gross income for the year in which they are withdrawn from the plan. There are specific rules regarding tax withholding at the time of distribution. Normal Distributions: Mandatory 20...
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Employers can automatically enroll employees in a plan, such as a 401(k) or 403(b), and place contributions deducted from employees’ paychecks into certain predetermined investments, unless the employees decide otherwise. Participants have the opp...
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Last Updated: 12/04/2025
in FSA/HRA/HSA HSA Tax Reporting All distributions from your HSA plan will be reported to the IRS and you will receive a form 1099-SA showing the total amount taken from the plan within the corresponding tax year. Distributions are exempt from income taxes as long as funds are used...
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A beneficiary is any person, trust, or entity that is designated by the financial account holder to receive some portion of the assets in the account after he or she dies. A primary beneficiary is simply first in line to receive the assets in th...
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Last Updated: 02/28/2018
in FSA/HRA/HSA FAQ's No, you can use the Dependent Care FSA to cover expenses for anyone who watches your children while you and your spouse are working. It can even be a family member, as long as that person is not your tax dependent. The provider must provide their So...
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Below is an example of a Notification of Denied Claim. **Action Requied: If there are additional steps needed to approve or resolve your claim the instructions will be located under the ACTION REQUIRED section. Please see help topics on Clai...
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Last Updated: 02/28/2018
in FSA/HRA/HSA FAQ's No, you can use funds only for the purpose for which the election was initially made. IRS regulations do not allow funds to be transferred or commingled between accounts. So, the money in your Health Care FSA may only be used for health care expense...
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Guidelines for rolling funds from an existing HSA You may choose to rollover assets from an existing HSA to your Sentinel HSA, but it important you understand some of the requirements when rolling assets in from an existing HSA. A rollover ...
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Last Updated: 05/16/2024
in Benefits Card Card Activation
You may set a PIN for your benefits card by calling (866) 898-9795 . You will be required to provide some information to confirm that you are the cardholder. You will then be prompted to set your individual PIN number. Once you have set the ...
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Last Updated: 06/06/2023
in FSA/HRA/HSA FAQ's ALL your Health Savings Account questions answered Who is eligible to open an HSA? The main requirement for opening an HSA is having a high-deductible health plan that meets IRS guidelines for the annual deductible and out-of-pocket maximum. To ...