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HSA Contribution Question
Posted on 10/2/24 at 6:15 pm
Posted on 10/2/24 at 6:15 pm
My wife (no pics) and child are covered on my HDHP plan through work. There is no other healthcare coverage. Historically, I have made the HSA contributions via payroll deduction, but now she is self employed, so things have changed.
The way I understand it, even if she is covered under my plan, she qualifies as having HDHP coverage, and therefore, qualifies to make HSA contributions. Is that correct? Assuming so, I presume we could make the full HSA contribution limit, minus my employers contribution, from her income to drive down her taxable income given her higher tax burden? Am I missing anything here? TIA.
The way I understand it, even if she is covered under my plan, she qualifies as having HDHP coverage, and therefore, qualifies to make HSA contributions. Is that correct? Assuming so, I presume we could make the full HSA contribution limit, minus my employers contribution, from her income to drive down her taxable income given her higher tax burden? Am I missing anything here? TIA.
2
Posted on 10/2/24 at 6:55 pm to GeauxldMember
The $8300 max family contribution limit doesn't change now that she has a job. She's eligible to contribute whatever amount toward the $8300 but if you're married filing jointly it shouldn't matter. I guess it could come into play if you are filing separately but someone smarter than me would have to give that answer
This post was edited on 10/2/24 at 6:59 pm
Posted on 10/2/24 at 7:07 pm to Civildawg
quote:
but if you're married filing jointly it shouldn't matter.
This was my initial thought as well.
Posted on 10/2/24 at 7:17 pm to Civildawg
quote:
if you're married filing jointly it shouldn't matter
You’re right. She’d still have to pay SS and Medicare taxes on that portion of the income, so it makes no difference. I outsmarted myself there for a second.
Posted on 10/3/24 at 9:54 am to GeauxldMember
Even if she got separate insurance that was cheaper and didnt qualify for a HSA, you could still contribute the max $8,300 because you have your child on your plan. So nothing changed really.
Keep in mind if she got difference insurance and didn't qualify for an HSA you could still reimburse her medical expenses through the HSA if you wanted. I've done this for years with my wife who used to have a low deductible plan ($250) at her old job, but because I had a HDHP and HSA and we were married I can run her medical expenses through the HSA to be reimbursed still. Kind of a hack in a way if you can get cheaper insurance for the spouse and work the system (and yes its completely legal to do that).
She now has a new job with higher plan but still run everything through my HSA and with a child on my plan now we can do $8,300 max instead of $4,150 (or the lower amts in previous years) before the kid.
Keep in mind if she got difference insurance and didn't qualify for an HSA you could still reimburse her medical expenses through the HSA if you wanted. I've done this for years with my wife who used to have a low deductible plan ($250) at her old job, but because I had a HDHP and HSA and we were married I can run her medical expenses through the HSA to be reimbursed still. Kind of a hack in a way if you can get cheaper insurance for the spouse and work the system (and yes its completely legal to do that).
She now has a new job with higher plan but still run everything through my HSA and with a child on my plan now we can do $8,300 max instead of $4,150 (or the lower amts in previous years) before the kid.
This post was edited on 10/3/24 at 9:55 am
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