How much can be contributed each year to an HSA?
The maximum annual contribution is set by the IRS each year, up to $3,000 for individuals or $5,950 for families in 2009, reduced by any contribution to an Archer MSA. Individuals over 55 are allowed to make an additional annual “catch-up” contribution of up to $1,000 in 2009. As of January 1, 2007, HSA account holders can make a one-time, tax-free distribution from their Roth or Traditional IRA for the purpose of making a regular HSA contribution. This provision also applies to roll-overs from a Health Reimbursement Arrangement (HRA) or a Flexible Spending Account (FSA) through 2011. Certain restrictions apply.* *Please consult a tax advisor.
The maximum annual contribution is set by the IRS each year, up to $3,050 for individuals or $6,150 for families in 2010, reduced by any contribution to an Archer MSA. Individuals age 55 or older are allowed to make an additional annual “catch-up” contribution of up to $1,000 in 2010. As of January 1, 2007, HSA account holders can make a one-time, tax-free distribution from their Roth or Traditional IRA for the purpose of making a regular HSA contribution. This provision also applies to roll-overs from a Health Reimbursement Arrangement (HRA) or a Flexible Spending Account (FSA) through 2011.
Related Questions
- If I open an HSA account any time during the year, are medical expensive incurred in the same year but prior to opening the HSA account and funding it eligible for the pretax treatment?
- If I enroll in the HDHP after January 1 but by December 1, can I still contribute the maximum annual HSA contribution for that year?
- Can I make contributions into my HSA after the end of the calendar year but still receive the associated tax savings?
