How is my contribution limit determined if I am not covered for a full year under the high-deductible health savings plan?
An individual’s maximum HSA contribution for 2011 is the greater of the following: 1. The sum of the individual’s monthly contribution limits determined separately for each month, based on the eligibility and health plan coverage as of the first day of the month plus the sum of the monthly catch up amounts, or 2. The maximum annual contribution is based on the individual’s HDHP coverage (self-only or family) on December 1 plus catch-up contributions, if applicable. The individual is treated as if he or she had such coverage for the full year. Actually, the maximum annual contribution is based on the individual’s HDHP coverage as of the first day of the last month of the individual’s tax year. Since most taxpayers have a calendar year tax year, the determination date is December 1. This special rule is called the full contribution rule. Note that the full contribution rule applies only if the individual has HDHP coverage as of December 1. This full contribution rule applies without rega
Related Questions
- Can an individual who is not covered by a high-deductible health plan HDHP for the whole year contribute the maximum annual limit established by the IRS?
- Can an individual who is not covered by a high deductible health plan HDHP for the whole year contribute the maximum annual limit established by the IRS?
- How is my contribution limit determined if I am not covered for a full year under the high-deductible health savings plan?
