Lisa turned age 65 on May 29, 2019. During the year, she received distributions from her...

Lisa turned age 65 on May 29, 2019. During the year, she received distributions from her health savings account (HSA) totaling $1,227. She paid $618 on nutritional supplements and vitamins throughout the year. In March, she paid $112 to her podiatrist, and in July and August she paid $497 to her chiropractor. The penalty on Lisa's nonqualified distributions is __________. *

$22

$99

$124

$146

Mark for follow up

Expert Solution

The penalty on nonqualified distribution vary upon one's distribution. Here, from the given information, Lisa's penalty is 20% of her nonqualified distribution. she has received a total amount of $1227 from her Health Savings Account in 29th May 2019, and before receiving the distribution, she paid $112 to her podiatrist. It will consider as nonqualified distribution. So for that, Lisa have to pay the penalty of 20% of the amount which she made. So the penalty amount on Lisa's nonqualified distribution is $22.

(112*20% =22.4, If we round this we will get $22.

jeff jeffy answered 2 years ago

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