HSA + Cobra = can make deductible contributions?

[someguy]

Here is one I haven't seen in active threads and couldn't find in old threads. If one was formerly employed (W2) and had health insurance plus an HSA and then ended employment and went on COBRA, can one still contribute to the HSA and if so, is it deductible? If the answer to both is yes, how does it work? One would transfer money into the HSA account from general personal cash accounts (checking/savings/whatever) and at the end of the year the HSA provider would send a tax form? IOW, one would fund the HSA with post-tax money but get the tax back at the end of the year?

 

[jebmke]

if the plan qualifies as a high deductible plan you can contribute to an HSA. You deposit funds into the HSA and then take an adjustment on page 1 of the 1040. Keep in mind that this adjustment may or may not impact your tax liability.

 

[someguy]

Thanks. Already max out i401(k) and looking for other ways to shelter more income. If we were going to spend the money whether it's straight out of pocket or via HSA, there seems to be no risk in running it through the HSA up to the max.