Did I overfund my HSA?

[lopat08865]

I am HSA eligible with an HDHP family plan that covers me & my wife. That is our only insurance. We are both over 55. Same story for last year (2019) when we had opened a self-funded HSA with $4500 for each of us with Fidelity. My interpretation was 2019's $7,000 max contribution allowed opening one for each  of us funded with $3500 ($7000 total), and that we could each add $1000 catchup funding making it $4500 each ($9000 total).

TurboTax allowed this, & is still allowing the same for 2020: now it's $4550 for each of us ($9100 total).

Honestly I'm just spooked about maybe overfunding 2019 before executing final funding for 2020.  Would greatly appreciate one or more people here confirming that it all complies with IRS regs. THANKS!

[BillM223]

First, did you each open an HSA? The HSA belongs to the individual - there is no such thing as a joint HSA.

"Honestly I'm just spooked about maybe overfunding 2019 before executing final funding for 2020."

If you would have overfunded in 2019, TurboTax would have said so. 

Actually, the annual HSA contribution limit for Family HDHP coverage is shared between you and your spouse. Each of you must contribute at least $1,000 to each HSA - the $1,000 "bonus" belongs to each HSA, not to the Family plan.

You have $7,100 from the Family plan. You can put it into either HSA in whole or in part, how you do it is up to you two.

So that is a minimum of $1,000 to each HSA and the $7,00 split any way you like - 50/50 or 100/0 or whatever you choose.

Make sense?