Max HSA contributions

[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?

 

[Carple Tunnal]

Yes, $8k for a family plan. No federal taxes are due on that, but some states do tax it.

 

[cathy63]

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?

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.

 

[ripper1]

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

 

[Bir48die]

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

You are correct. I'm in the same boat and will be using the similar formula.

 

[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?

 

[ziggy29]

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?

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.