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HSA Tax Deduction Question
Posted on 2/5/24 at 9:32 am
Posted on 2/5/24 at 9:32 am
My wife has a minor surgery scheduled for next week. She has a $5000 deductible and does not have a HSA.
Can she open a HSA account this week and deposit $5150 ($4150 plus $1000 over 55 years old catch-contribution 2024 Maximum Contribution)
Does the HSA funds have to be in the account for a certain amount of time to be tax deductible for 2024? The HSA funds will probably be in the account for 30-60 days.
Can she open a HSA account this week and deposit $5150 ($4150 plus $1000 over 55 years old catch-contribution 2024 Maximum Contribution)
Does the HSA funds have to be in the account for a certain amount of time to be tax deductible for 2024? The HSA funds will probably be in the account for 30-60 days.
3
Posted on 2/5/24 at 9:59 am to weadjust
So she has a high deductible health plan that is HSA eligible but she has not opened the HSA yet? Then yes, she can do pretty much what you stated.
If y’all are on the same plan (family coverage) then she can contribute up to $9300.
There is no seasoning of funds required.
If y’all are on the same plan (family coverage) then she can contribute up to $9300.
There is no seasoning of funds required.
Posted on 2/5/24 at 10:04 am to weadjust
Small thing most poeple dont know about.
If you are married and your spouse is on a different plan, say 1 is high deductible with an HSA and the other is low deductible without an HSA...the person with the HSA can pay for things for the person without the HSA due to being married.
My wife and I did this for years recently. At new jobs now and mine has an HSA, hers is not offered with one (she could open one up outside of her work though since it is high deductible) but the baby is on my plan so I can put $8,300 still into mine and just pay for any of our medical expenses which is more than enough for us.
But last year she was on a low deductible plan ($250) and I was on an HSA high deductible plan and when the baby was born I just ran everything through the HSA reimbursement process (After paying on C.C. to get miles) even though no HSA is in her name at all, still works due to us being married.
If you are married and your spouse is on a different plan, say 1 is high deductible with an HSA and the other is low deductible without an HSA...the person with the HSA can pay for things for the person without the HSA due to being married.
My wife and I did this for years recently. At new jobs now and mine has an HSA, hers is not offered with one (she could open one up outside of her work though since it is high deductible) but the baby is on my plan so I can put $8,300 still into mine and just pay for any of our medical expenses which is more than enough for us.
But last year she was on a low deductible plan ($250) and I was on an HSA high deductible plan and when the baby was born I just ran everything through the HSA reimbursement process (After paying on C.C. to get miles) even though no HSA is in her name at all, still works due to us being married.
This post was edited on 2/5/24 at 10:10 am
Posted on 2/5/24 at 10:12 am to weadjust
You should be fine, but if possible, you should avoid taking money out of an HSA until retirement. It’s the greatest tax deferral growth account there is.
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