How much can I contribute (deposit)
into my HSA?
Annual contributions (deposits into your HSA) that you are permitted
to make into you HSA are limited to the lesser of your insurance
plan deductible or the federal maximum (for 2006 the amount
is $2,700 single/$5,450 family) (for 2007 the amount is $2,850 single/$5,650 family). Individuals that will be at
least 55 years of age by the end of the tax year may also be
eligible to make "Catch Up" contributions on their
HSA, above the maximum.
Contributions to your BASIC HSA can be made by you (the individual),
your employer, or both.
- If you make contributions as an individual, then it is an
"above-the-line" deduction.
- If made by your employer it is not taxable to the employee.
Maximum contributions to your BASIC HSA are as follows:
-
Minimum Health Plan Deductible
2007 (Single/Family) - $1,100/$2,200
2006 (Single/Family) - $1,050/$2,100
2005 (Single/Family) - $1,000/$2,000
-
Maximum out of Pocket Expense
2007 (Single/Family) - $5,500/$11,000
2006 (Single/Family) - $5,250/$10,500
2005 (Single/Family) - $5,100/$10,200
-
Maximum HSA Contribution
2007 (Single/Family) - $2,850/$5,650
2006 (Single/Family) - $2,700/$5,450
2005 (Single/Family) - $2,650/$5,250
Additional “Catch-Up” contributions can be made
by individuals age 55 or older as follows:
- 2005- $600
- 2006- $700
- 2007- $800
- 2008- $900
- 2009 and after- $1,000
Other contribution forms:
- Rollovers from Archer MSAs and other HSAs
- Contributions made through cafeteria plans
Do employer contributions into my HSA
impact what I am allowed to contribute?
YES.
Example: If employee's insurance plan deductible is $1,000,
then the employee is allowed to contribute $1,000 into their
HSA on an annual basis. If the employer contributes $200 into
this employee's HSA, then the employee would only be able to
contribute and additional $800 to their account.
Aren't HSA rules similar to IRA rules
where I can make a deposit into my HSA account up to April 15th
and have it count towards my priory year tax return?
Yes, as long as you did not contribute up to the maximum that
you were permitted in the prior tax year, then you could make
a contribution into HSA until April 15th and have it count towards
your prior tax season.
Can I make prior tax year deposits
to my HSA in a banking center?
No, you cannot make these contributions at a banking center.
They must be submitted centrally. This is so that the deposit
can be properly reflected on your tax documents. Fifth Third
has no way of knowing that a deposit made in a banking center
is for current year contribution versus a prior year contribution.
Therefore, all contributions made in a banking center will be
treated as current year contributions.
