I have two Health Savings Accounts. Can I transfer funds from one account to the other without incurring a tax liability? — Coleen B.

The short answer is yes. You'll need to contact the trustee of the HSA you want to keep and tell them you want to roll savings over from another account. They will contact the trustee of the other account to perform the rollover, explains Elisa Steele, a CPA in Johnstown, Colo. To avoid a tax hit you need the money to transfer directly from one account to the other — you can't make a withdrawal. "But as long as it's a direct transfer and you never receive any of the funds, there is no risk of tax liability," says Steele.

When deciding between accounts, Steele suggests comparing their investment options, rates of return and fees. "All trustees have different options, so it's important to compare before you transfer," she says.

— Austin Kilham

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