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Started By
Message
HSA Newb Advice
Posted on 12/11/18 at 9:09 am
Posted on 12/11/18 at 9:09 am
I am setting up an HSA. Any advice or experiences you want to share? I can either do free with very little interest or invest in funds for $4.95 per month. Those are my two options.
I am thinking the free one until I get enough in it to cover the $4.95 per month in returns from investments. I am planning on using it as a savings account unless something major comes up.
Thanks
I am thinking the free one until I get enough in it to cover the $4.95 per month in returns from investments. I am planning on using it as a savings account unless something major comes up.
Thanks
2
Posted on 12/11/18 at 9:13 am to lsu13lsu
Can you not max it Jan 1? That's what I'm doing.
Posted on 12/11/18 at 9:13 am to lsu13lsu
I’d go free till you have a few thousand built up. Or find a provider with a lower cost while you build it.
$50/yr is 5% of your first $1,000 so you’ll have you make that 5-6% on investment return just to break even.
Plus you may actually need to use those funds at some point. Build $3-5k, then invest.
$50/yr is 5% of your first $1,000 so you’ll have you make that 5-6% on investment return just to break even.
Plus you may actually need to use those funds at some point. Build $3-5k, then invest.
This post was edited on 12/11/18 at 9:16 am
Posted on 12/11/18 at 9:14 am to Mingo Was His NameO
I can put in it an amount equal to my take home pay. It comes out of my paycheck twice a month.
At least that is my understanding. It is through an employer.
At least that is my understanding. It is through an employer.
This post was edited on 12/11/18 at 9:16 am
Posted on 12/11/18 at 9:15 am to LSUcam7
quote:
Or find a provider with a lower cost while you build it.
It is through employer so stuck with this bank.
quote:
$50/yr is 5% of your first $1,000 so you’ll have you make that 5-6% on investment return just to break even.
Plus you may actually need to use those funds at some point and you want to use those funds over personal cash for tax purposes. Build $3-5k, then invest.
Great points.
Posted on 12/11/18 at 9:17 am to lsu13lsu
quote:
I can put in it an amount equal to my take home pay. It comes out of my paycheck twice a month.
At least that is my understanding. It is through an employer
I actually had this question as well. Maybe someone can help out.
For my employer the only way to make pretax contributions is the same as OP, every paycheck. I could however, just make an after tax contribution of $3,500 on January 1 and then take a personal deduction on my 2019 return and end up in the same place, correct?
Posted on 12/11/18 at 9:20 am to Mingo Was His NameO
I think you are correct.
Simple tax adviser question or Google search should be pretty straight forward.
Simple tax adviser question or Google search should be pretty straight forward.
Posted on 12/11/18 at 9:22 am to LSUcam7
quote:
I think you are correct.
Simple tax adviser question or Google search should be pretty straight forward.
I'm confident I am, the payroll people just tied my brain in a knot of course not knowing shite. I just don't want to get screwed and pay it after tax and then not get the corresponding deduction. That'd be an expensive mess up
Posted on 12/11/18 at 9:39 am to Mingo Was His NameO
quote:
I'm confident I am, the payroll people just tied my brain in a knot of course not knowing shite.
Same here. When I told them I wanted to just max it out every year around beginning of year they were like you cannot do that.
This post was edited on 12/11/18 at 9:40 am
Posted on 12/11/18 at 10:08 am to lsu13lsu
Do y'all not have an employer contribution to your HSA? That would be my only concern with maxing it with my own money early in the year. Similar to the 401k problem with matching contributions.
Posted on 12/11/18 at 10:16 am to Teddy Ruxpin
quote:
Do y'all not have an employer contribution to your HSA?
Mine comes through Jan 1 and I know how much it is. I could just contribute the difference and be done with it.
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