If my employer contributes to my HSA, does that also provide me any tax benefit?
If your employer makes a contribution to your HSA, the contribution is not taxable to you the employee (excluded from income).
Can I make contributions through my employer on a “pre-tax” basis?
If your employer offers a “salary reduction” plan (also known as a “Section 125 plan” or “cafeteria plan”), you (the employee) can make contributions to your HSA on a pre-tax basis (i.e., before income taxes and FICA taxes). If you can do so, you cannot also take the “above-the-line” deduction on your personal income taxes.
Can I claim both the “above-the-line” deduction for an HSA and the itemized deduction for medical expenses?
You may be able to claim the medical expense deduction even if you contribute to an HSA. However, you cannot include any contribution to the HSA or any distribution from the HSA, including distributions taken for non-medical expenses, in the calculation for claiming the itemized deduction for medical expenses.
I’m over 55 and would like to make catch-up contributions to my HSA, like I’ve done with my IRA. Is that possible?
Yes, individuals 55 and older who are covered by an HDHP can make additional catch-up contributions of $1,000 into an HSA in their own name each year until they enroll in Medicare. The additional “catch-up” contributions to HSA allowed are as follows: 2009 and after – $1,000 Individuals who enroll in the HDHP by December […]
If both spouses are 55 and older, can both spouses make “catch-up” contributions?
Yes, if both spouses are eligible individuals and both spouses have established an HSA in their name. If only one spouse has an HSA in their name, only that spouse can make a “catch-up” contribution.
If each spouse has self-only HDHP coverage (neither spouse has family coverage), how much can we contribute?
Each spouse is eligible to contribute to an HSA in their own name, up to the single IRS HSA maximum contribution as set annually by the IRS. CLICK HERE TO VIEW THE CURRENT INDEXED AMOUNTS FOR HSAs
If both spouses have family HDHP coverage but one spouse has other coverage, are both spouses eligible for an HSA? How much can each spouse contribute?
The following examples describe how much can be contributed under varying circumstances. Assume that neither spouse qualifies for “catch-up contributions”. Example: Husband and wife have family HDHP coverage with a $5,000 deductible. Husband has no other coverage. Wife also has self-only coverage with a $200 deductible. Wife, who has coverage under a low-deductible plan, is […]
Does tax filing status (joint vs. separate) affect my contribution?
Tax filing status does not affect your contribution.
I’m a single parent with family HDHP coverage but have a child that can be claimed as a dependent for tax purposes, and this dependent also has non-HDHP coverage. Am I still eligible for an HSA?
Yes, you are still eligible for an HSA. Your dependent’s non-HDHP coverage does not affect your eligibility, even if they are covered by your HDHP. You can contribute up to the IRS annually indexed amount for family coverage.
May a self-employed person contribute to an HSA on a pre-tax basis?
No. Self-employed individuals may not contribute to an HSA on a pre-tax basis. However, they may contribute to an HSA with after-tax dollars and take the above-the-line deduction.