Author Topic: can i still contribute to hsa for 2014?  (Read 1613 times)

FSL

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can i still contribute to hsa for 2014?
« on: March 10, 2015, 05:06:46 AM »
I just realized that my husband had a HDHP for all of 2014 but we didn't open an HSA. From what I've read, it looks like HSAs are like IRAs and I can still open an account and fund it up until April 15. Can anyone confirm that's true? Also, what is the best place to open it? We plan to put the 3300 max in and not touch it.

Also, we had already filed our taxes for this year. We actually just received an amended W2 from his employer as well. All I need to do is file an amended return right and can make both updates? I never had to do an amended return before.

MDM

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Re: can i still contribute to hsa for 2014?
« Reply #1 on: March 10, 2015, 02:33:15 PM »
From http://www.irs.gov/publications/p969/ar02.html: "You can make contributions to your HSA for 2014 until April 15, 2015."

Also, was the HDHP for your husband only, or for the family?  Because "For 2014, if you have self-only HDHP coverage, you can contribute up to $3,300. If you have family HDHP coverage, you can contribute up to $6,550."

See http://whitecoatinvestor.com/choosing-an-hsa-provider/ for a good review of HSA plans offered by the providers listed below.

The article generally recommends
     HSA Bank or Fidelity HSA

It also covers
     HSA Administrators
     Alliant Credit Union
     Stanford Federal Credit Union
     Wells Fargo
     Adirondack Trust
     Lake Michigan Credit Union
     Bank of the Sierra

Any of the above might be "best" for someone, depending on one's specific plans for an HSA.  Also, the article is a couple of years old so things may have changed.

Haven't done amended returns but I believe you are correct that you can amend multiple things in one return.
« Last Edit: March 10, 2015, 03:02:34 PM by MDM »

affordablehousing

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Re: can i still contribute to hsa for 2014?
« Reply #2 on: March 10, 2015, 02:59:36 PM »
I went through a pretty exhaustive search for the best HSA with requirements being no fees with as low a minimum as possible, and reasonable fund selection when I left an employer with an HDHP and crappy HSA plan, and joined a new employer with unfortunately for me, fantastic benefits and no HDHP option. Ultimately I went with Health Equity for my rolled over HSA. The minimum you need to keep in the savings account portion is $2500 to avoid any fees, and they have reasonable mutual fund choices. Note that none of the fund choices are what I would call low expense ratio or passively managed, but I suspect that Health Equity survives by a spread on the expense ratio. Still, I think it ends up being a better deal for the relatively low amounts I'm keeping with them. Not that anyone on this forum ever has a real health need :) but their customer service is great, if I were to ever need to pay for any healthcare costs out of it.

No referral or incentive here, just found them to be the best option from those I surveyed.

FSL

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Re: can i still contribute to hsa for 2014?
« Reply #3 on: March 10, 2015, 03:56:42 PM »
Thank you both so much! It's just my husband's coverage, so will only be $3300. We use our existing money to pay for health-related expenses, so the HSA can be just for investing. I'll look at that article. Thanks again!