Author Topic: Help with HSA limits  (Read 2167 times)

themagicman

  • Bristles
  • ***
  • Posts: 394
  • Age: 30
  • Location: Atlanta, GA
Help with HSA limits
« on: May 28, 2015, 06:24:45 AM »
I need help knowing how much I can contribute to my HSA.

1. My wife and I are both on high deductible plans but are separate health insurance plans. Are we required to have two separate HSA to contribute to or can we contribute the family amount to the HSA that I set up since we are both eligible?

2. Am I allowed by the IRS to contribute the entire family portion through my payroll deduction? (Assuming my wife does not contribute any) My employer would allow me but I wasn't sure on the IRS rule for this.

MDM

  • Senior Mustachian
  • ********
  • Posts: 10285
Re: Help with HSA limits
« Reply #1 on: May 28, 2015, 09:57:31 AM »
See http://www.irs.gov/publications/p969/ar02.html#en_US_2014_publink1000204045 for more details, but this part might help:
Quote
Rules for married people.   If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. If each spouse has family coverage under a separate plan, the contribution limit for 2014 is $6,550. ... the contribution limit is split equally between the spouses unless you agree on a different division.
In other words, you can contribute everything to one account if you both agree.

themagicman

  • Bristles
  • ***
  • Posts: 394
  • Age: 30
  • Location: Atlanta, GA
Re: Help with HSA limits
« Reply #2 on: May 28, 2015, 10:02:20 AM »
See http://www.irs.gov/publications/p969/ar02.html#en_US_2014_publink1000204045 for more details, but this part might help:
Quote
Rules for married people.   If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. If each spouse has family coverage under a separate plan, the contribution limit for 2014 is $6,550. ... the contribution limit is split equally between the spouses unless you agree on a different division.
In other words, you can contribute everything to one account if you both agree.

Thanks so much! I was trying to find something on that! Do you think this means I am also allowed to have the entire amount payroll deducted? Not just depositing to the account through my checking account.

MDM

  • Senior Mustachian
  • ********
  • Posts: 10285
Re: Help with HSA limits
« Reply #3 on: May 28, 2015, 10:26:05 AM »
Do you think this means I am also allowed to have the entire amount payroll deducted?
Yes.

seattlecyclone

  • Walrus Stache
  • *******
  • Posts: 5409
  • Age: 35
  • Location: Seattle, WA
    • My blog
Re: Help with HSA limits
« Reply #4 on: May 28, 2015, 10:34:28 AM »
Do you think this means I am also allowed to have the entire amount payroll deducted?
Yes.

The law allows this, but your employer may not allow you to deduct a family-sized amount to your HSA when there's only one person on their plan. You'll have to check with them.

themagicman

  • Bristles
  • ***
  • Posts: 394
  • Age: 30
  • Location: Atlanta, GA
Re: Help with HSA limits
« Reply #5 on: May 28, 2015, 12:12:52 PM »
Do you think this means I am also allowed to have the entire amount payroll deducted?
Yes.

The law allows this, but your employer may not allow you to deduct a family-sized amount to your HSA when there's only one person on their plan. You'll have to check with them.

Thank you both! My employer is good with it, just wanted to make sure on the IRS!