FatWallet111
Confused about dryer sheets
- Joined
- Mar 12, 2013
- Messages
- 1
Hi Everyone...first post, wish me luck.
So here's the deal, I enrolled in a High Deductible Health Plan at the end of 2012 (changed my insurance coverage from a different plan to the HDHP) which comes with a Health Savings Account (HSA). The HSA was opened on January 4th, 2013 through a bank.
I elected for payroll deductions, and currently there is a fixed amount that is taken out of each of my paychecks. I understand that contribution deadlines for the HSA is April 15th, 2013 (tax deadline). What I'm wondering is can I fund the account so that I max it out for Tax Year 2012 by making a lump sum deposit before the tax deadline of this year. Or, does anything that goes in the account now automatically count towards tax year 2013? I have heard many different answers and no one seems to have an authoritative grasp on this.
Per the IRS website on HSA's, it states:
When To Contribute
You can make contributions to your HSA for 2012 until April 15, 2013. If you fail to be an eligible individual during 2012, you can still make contributions, up until April 15, 2013, for the months you were an eligible individual.
How do you guys interpret this? I will not bias you with my interpretation, but let's open this up for discussion of some sort. If there is anyone out there who knows for sure if I can (still have the option to) make a lump sum payment to max it out for 2012, I'd love to hear from you.
Thanks.
So here's the deal, I enrolled in a High Deductible Health Plan at the end of 2012 (changed my insurance coverage from a different plan to the HDHP) which comes with a Health Savings Account (HSA). The HSA was opened on January 4th, 2013 through a bank.
I elected for payroll deductions, and currently there is a fixed amount that is taken out of each of my paychecks. I understand that contribution deadlines for the HSA is April 15th, 2013 (tax deadline). What I'm wondering is can I fund the account so that I max it out for Tax Year 2012 by making a lump sum deposit before the tax deadline of this year. Or, does anything that goes in the account now automatically count towards tax year 2013? I have heard many different answers and no one seems to have an authoritative grasp on this.
Per the IRS website on HSA's, it states:
When To Contribute
You can make contributions to your HSA for 2012 until April 15, 2013. If you fail to be an eligible individual during 2012, you can still make contributions, up until April 15, 2013, for the months you were an eligible individual.
How do you guys interpret this? I will not bias you with my interpretation, but let's open this up for discussion of some sort. If there is anyone out there who knows for sure if I can (still have the option to) make a lump sum payment to max it out for 2012, I'd love to hear from you.
Thanks.