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10-09-2019, 05:37 PM
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#1
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Recycles dryer sheets
Join Date: Oct 2018
Location: Madison/Knoxville
Posts: 190
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Max HSA contributions
I'm 60. According to my Fidelity website, I can contribute $7K (family) to my HSA account this year. There is also a footnote that says I can contribute a "catch-up(?) amount of $1K. So I can make a total contribution of $8K this year. Correct? Also, is the entire amount deductible on my tax return?
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10-09-2019, 06:52 PM
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#2
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Confused about dryer sheets
Join Date: Sep 2019
Posts: 9
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Yes, $8k for a family plan. No federal taxes are due on that, but some states do tax it.
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10-09-2019, 07:44 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Mar 2013
Location: Coronado
Posts: 3,669
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Quote:
Originally Posted by Murph
I'm 60. According to my Fidelity website, I can contribute $7K (family) to my HSA account this year. There is also a footnote that says I can contribute a "catch-up(?) amount of $1K. So I can make a total contribution of $8K this year. Correct? Also, is the entire amount deductible on my tax return?
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If you and your spouse have a high-deductible health insurance family plan and you're both over 55, then you're better off opening two separate HSAs. That way you can each contribute the $1000 catch-up, so you get a total of $9K between the two of you. If you only have one account, the max is $8K.
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10-11-2019, 08:09 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Mar 2010
Location: Chicago
Posts: 1,154
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For those turning 65 this year it can also be prorated. In my DW case she turned 65 in early July so it's half the 3500 max and half the 1000 catch up for a total of 2250. Correct me if am wrong anybody. Thanks
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10-11-2019, 08:16 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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You are correct. I'm in the same boat and will be using the similar formula.
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Jump in, the water's warm.
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10-11-2019, 08:21 AM
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#6
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Recycles dryer sheets
Join Date: Feb 2011
Location: Arlington Heights
Posts: 271
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Question: if the HSA is for a family plan(e.g. $8k/yr) and one spouse turns 65 in the year (say July) then only $4k can be put in HSA, even though one spouse is below 65 and stays on the high deducible ins plan?
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10-12-2019, 05:32 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Quote:
Originally Posted by SoReady
Question: if the HSA is for a family plan(e.g. $8k/yr) and one spouse turns 65 in the year (say July) then only $4k can be put in HSA, even though one spouse is below 65 and stays on the high deducible ins plan?
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The spouse turning 65 can contribute a prorated amount for the months before the month they turn 65. For example, if they turn 65 in September, they can contribute for 8 months, or 2/3 of the annual amount.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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