Can we make a prior year HSA contribution for 2024 if I enrolled in an FSA on January 1, 2025?

[jrgray127]

I just learned that my spouse cannot contribute to an HSA while I am enrolled in an FSA. I enrolled in an FSA starting 1/1/2025. I understand he can no longer make any contributions to his HSA for the 2025 year. However, we were both enrolled in HDHP's in 2024 and eligible for contributions to an HSA from 7/1/24-12/31/24. Are we allowed to make a prior year HSA contribution, allocated to 2024, for the prorated amount of ~$2,075 each (given 6 eligible months) without any penalty?

[MayaD]

Yes. You can make HSA contributions that apply to the 2024 tax year up to April 15, 2025.

HSA contribution limits are determined on a calendar/tax-year basis. IRS rules state that contribution limits must generally be prorated by the number of months you are eligible to contribute to an HSA. The $2075 is the right amount for each of you based on the months you were eligible. 

To be an eligible individual and qualify for an HSA, you must meet the following requirements:

• Be covered by a high-deductible health plan (HDHP) on the first day of the month
• Not be covered by other health insurance 
• Not be enrolled in Medicare (the individual can be HSA-eligible for the months before being covered by Medicare)
• Not be eligible to be claimed as a dependent on someone else's tax return