I read in a recent thread that it is required to have two separate HSA accounts in order to take advantage of the 55+ $1,000 additional HSA contribution for a total of $7,650 for year 2015. So as to not hi-jack that thread I am starting a new one because I need some ideas how to straighten out a mess with my HSA account.
I started an HSA in December 2014 when I first purchased a health insurance policy thru ACA, this was for a one month HSA eligible policy starting December 1, 2014.. In reading the information, I saw that the maximum contribution for 2014 was $7,550 if spouse and I were both 55+. I went to my local bank and opened an HSA account with them and made the initial contribution for 2014 in the amount of $7,550. The bank must not be very knowledgeable about HSA accounts either, because they let me set up an account that is jointly in both our names and took the initial $7,550 contribution. Then in early 2015 I made another contribution to this HSA account for another $7,500. Since that time we have been paying qualified medical bill for the both of us from this one account. By the way, even though the checks for this HSA account have both our names on them, the debit card for the account only lists my name on it.
So, my predicament is that in order to take advantage of the 55+ catch up for the last two years I would have needed these monies split into two separate accounts. I guess I will have to go to the bank to see what if anything can be done to straighten out the mess. I wonder if they will be much help since they allowed me to do something that should not have been allowed in the first place.
You folks here have a lot of knowledge so if you have any suggestions how I might correctly straighten this out it would be appreciated. I would like to kick in the extra $1,000 because I am using the HSA contributions to reduce my MAGI for the ACA subsidy. Just as an added note, I am not sure how the HSA contribution was handled for 2014 taxes, I would have to dig out the tax forms, but TT seemed to not have a problem.
I started an HSA in December 2014 when I first purchased a health insurance policy thru ACA, this was for a one month HSA eligible policy starting December 1, 2014.. In reading the information, I saw that the maximum contribution for 2014 was $7,550 if spouse and I were both 55+. I went to my local bank and opened an HSA account with them and made the initial contribution for 2014 in the amount of $7,550. The bank must not be very knowledgeable about HSA accounts either, because they let me set up an account that is jointly in both our names and took the initial $7,550 contribution. Then in early 2015 I made another contribution to this HSA account for another $7,500. Since that time we have been paying qualified medical bill for the both of us from this one account. By the way, even though the checks for this HSA account have both our names on them, the debit card for the account only lists my name on it.
So, my predicament is that in order to take advantage of the 55+ catch up for the last two years I would have needed these monies split into two separate accounts. I guess I will have to go to the bank to see what if anything can be done to straighten out the mess. I wonder if they will be much help since they allowed me to do something that should not have been allowed in the first place.
You folks here have a lot of knowledge so if you have any suggestions how I might correctly straighten this out it would be appreciated. I would like to kick in the extra $1,000 because I am using the HSA contributions to reduce my MAGI for the ACA subsidy. Just as an added note, I am not sure how the HSA contribution was handled for 2014 taxes, I would have to dig out the tax forms, but TT seemed to not have a problem.