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Level 2
posted Apr 13, 2022 6:49:21 AM

I'm retiring this month with a COBRA Highly deductible plan. Can I still contribute to an HSA ?

 

I'm retiring this month with a COBRA Highly deductible plan. Can I still contribute to an HSA and get deductions next tax year? Of course I understand any contributes would have to be within the IRA limit for HSA contributions. Will I get a tax deduction for the after tax contributions?

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1 Best answer
Expert Alumni
Apr 13, 2022 7:09:45 AM

Yes, you can contribute to your HSA account, with after tax dollars, when you retire and are on COBRA. 

  • HSA eligibility isn’t tied to employment. If you’re covered by an HSA-qualified medical plan and meet other HSA eligibility requirements, you fund your account with tax-deductible contributions. 

Yes, you can make personal contributions to your HSA and deduct those contributions from your adjusted gross income when you file your personal income tax return. When you do so, your taxable income is reduced dollar-for-dollar.

 

Source: Voya

1 Replies
Expert Alumni
Apr 13, 2022 7:09:45 AM

Yes, you can contribute to your HSA account, with after tax dollars, when you retire and are on COBRA. 

  • HSA eligibility isn’t tied to employment. If you’re covered by an HSA-qualified medical plan and meet other HSA eligibility requirements, you fund your account with tax-deductible contributions. 

Yes, you can make personal contributions to your HSA and deduct those contributions from your adjusted gross income when you file your personal income tax return. When you do so, your taxable income is reduced dollar-for-dollar.

 

Source: Voya