Thank you greatly for the information, BillM223.
I am now quite clear about two contribution limits:
- my HSA for 2019 (Jan-Nov) at $7,333 ( = $8,000 x (11/12))
- my wife's HSA for 2020 (Jan-Feb) at $758 ( = $4,550 x (2/12))
I am still not sure about my wife's HSA for 2019 (Dec), however. It seems three parts are involved.
1. Based on annual limit of $3,500, she can contribute $292 (= $3,500 x (1/12))
2. Based on the catch-up, she can contribute another $1,000
3. You said "If, however, you did not need all of the $7,000, then some of that could be transferred to your spouse's 8889 to add to her limit". Since I used only $6,417 of the $7,000, $583 can be "transferred" to her HSA.
So, the total she can contribute for 2019 would be $292 + $1,000 + $583 = $1,875.
I might have misunderstood you. If so, please advise further. Appreciate it.
Post note:
I noticed my calculation can't be right as between the two HSAs, the total would be $9,208, which exceeds the $9,000 limit in one year for our case. So, something is still not right. Please advise.
