Quick HSA Contribution Question

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Topic Author
MishkaWorries
Posts: 88
Joined: Wed Aug 14, 2019 4:39 pm

Quick HSA Contribution Question

Post by MishkaWorries » Thu Mar 26, 2020 10:13 am

Doing my taxes now so I'm a little blurry. I want to Max out my HSA account. I know I qualify to contribute to an HSA.

I have a high deductible family health plan. My wife is on my policy and she doesn't have her own insurance.

My employer contributes $2,500 on our behalf.

I'm 56 and wife 52. Our Max is $8,000?

I can only add $5,500?

Thanks. I know this is a simple question but I appreciate your help.
We plan. G-d laughs.

Topic Author
MishkaWorries
Posts: 88
Joined: Wed Aug 14, 2019 4:39 pm

Re: Quick HSA Contribution Question

Post by MishkaWorries » Thu Mar 26, 2020 10:27 am

I was right. I can contribute only $5,500.

Did y'all know there are calculators out there on the interwebs? I mean there are a lot!
We plan. G-d laughs.

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MP123
Posts: 1267
Joined: Thu Feb 16, 2017 3:32 pm

Re: Quick HSA Contribution Question

Post by MP123 » Thu Mar 26, 2020 12:54 pm

Sounds like you found the answer. I'll just add that if your wife was 55 she could also contribute $1k as her catch-up contribution for a total of $9,000. But that $1k would have to go into her HSA.

Topic Author
MishkaWorries
Posts: 88
Joined: Wed Aug 14, 2019 4:39 pm

Re: Quick HSA Contribution Question

Post by MishkaWorries » Thu Mar 26, 2020 5:49 pm

Thanks for the response MP123. I never knew my wife could contribute and extra $1,000 the year she turns 55. That is good information.

This year, for the first time, we'll be able to max out our 401k, IRA and HSA. Now in a couple of years we can add another $1,000.

:sharebeer
We plan. G-d laughs.

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