HSA Contribution Limit

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ay11280124
Posts: 4
Joined: Mon Mar 31, 2014 7:36 am

HSA Contribution Limit

Post by ay11280124 » Fri Jan 12, 2018 8:02 pm

Hi

New to HSA this year. I tried calling my health and insurance department and they are unable to help/really clueless and keep telling me to contact a tax professional for help. I am trying to reach the max for the tax benefits. Situation is below:

My HSA/Health plan includes my wife (she is on my plan as secondary), daughter and myself. Employer contributes to it one time in the beginning.
My wife also has her primary health plan (just the wife is on this plan) at her work which has also has a HSA. Her employer also contributes a small amount in the beginning.

Does the contribution limit $6900 includes employer contribution(s) ? Is it per family? Does this mean that whatever I contribute + my employer + Wife HSA contribution + her Employer contribution = $6900 ? Is there a penalty if I go over? What is the penalty cost?

Thank you for your help.

Ostentatious
Posts: 205
Joined: Fri Aug 15, 2014 6:34 pm

Re: HSA Contribution Limit

Post by Ostentatious » Fri Jan 12, 2018 8:14 pm

You got it right. The max for family is $6900 including employer match/contribution. So, you have to make sure that all contributions max $6900.

bulbul
Posts: 113
Joined: Mon Sep 07, 2009 11:10 am

Re: HSA Contribution Limit

Post by bulbul » Fri Jan 12, 2018 8:26 pm

Generally, you must pay a 6% excise tax on excess contributions. If you can correct it before filing the tax, you might be able to avoid the penalty. Here is the link for more information: http://www.hsaedge.com/2016/11/06/how-t ... to-an-hsa/.

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Tycoon
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Joined: Wed Mar 28, 2012 7:06 pm

Re: HSA Contribution Limit

Post by Tycoon » Fri Jan 12, 2018 8:31 pm

Can't one add $1000 more if 55 or older?
...I might be just beginning | I might be near the end. Enya | | C'est la vie

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MP123
Posts: 503
Joined: Thu Feb 16, 2017 3:32 pm

Re: HSA Contribution Limit

Post by MP123 » Fri Jan 12, 2018 9:17 pm

Tycoon wrote:
Fri Jan 12, 2018 8:31 pm
Can't one add $1000 more if 55 or older?
Yes.

bberris
Posts: 939
Joined: Sun Feb 20, 2011 9:44 am

Re: HSA Contribution Limit

Post by bberris » Fri Jan 12, 2018 9:41 pm

Tycoon wrote:
Fri Jan 12, 2018 8:31 pm
Can't one add $1000 more if 55 or older?
And if two are 55 or older two can add $1000 each.

ay11280124
Posts: 4
Joined: Mon Mar 31, 2014 7:36 am

Re: HSA Contribution Limit

Post by ay11280124 » Fri Jan 12, 2018 9:51 pm

Thanks the replies....

Are there any benefits to which HSA we should contribute more to? Can my daughter and I use her HSA if we need to even though we are not on her plan? If we can then I'm guessing it doesn't matter which HSA we contribute more heavily.

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