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HSA contribution question

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  • HSA contribution question


    If I opened a HSA in 11/2016 and I already made the full family contribution of $6750 for 2016, do I have to wait until 11/2017 to make my next contribution? Or do my contributions restart on 1/2017? TIA!

  • #2
    First of the new year.  However, if you lose HSA contribution eligibility at some point before next December, then that can affect how much you were able to contribute.  See the "last-month rule" in IRS Pub 969 [link].


    • #3
      Thanks for the reply. Perhaps it'd be better to hold off on contributing until the end of the year to make sure my insurance doesn't change.


      • #4
        So if I have HSA-eligible HDHP currently, but plan to change jobs to W2 employment that provided health insurance starting in March 2017, I can still contribute the entire $3,350 individual contribution this year?  Thanks.


        • #5
          The maximum contribution amount for an individual plan is $3400 for 2017.

          If you were only an HSA eligible individual for two months in 2017 you can only contribute 2 / 12 * $3400 ~= $567. However, if your health insurance at your new employer is also an HSA and you have coverage there from 3/1 - 12/31, you can contribute the full $3400. Eligibility is not limited to a specific health insurance plan, but what period(s) of the year you are an eligible individual.