How quickly can I fund my Dependent HSA?

[Chris111993]

Can I place 5K I'm my Dependent HSA on January 1st?

What's the monthly funding limit?

Will it automatically stop funding the HSA when I hit 5K?

Can I change the amount being sent to the HSA mid year?

[johnd84]

Thanks for your question!

The custodian of the HSA will largely manage this for you. You can put up to 3,650 into an individual HSA for 2022 or 7,300 for a family plan. The custodian/brokerage/bank will usually let you set the amount you contribute, so BE VERY CAREFUL not to overfund it. https://turbotax.intuit.com/tax-tips/health-care/what-is-the-irs-form-8889/L8hRNHx4o

Also keep in mind the individual must have a high deductible health plan. https://www.healthcare.gov/glossary/high-deductible-health-plan/#:~:text=For%202022%2C%20the%20IRS%2....

Thanks again! 

[KNDavis]

The Dependent Care FSA maximum amount for 2022 is $5,000 as long as your earned income for the plan year is less than $130,000.  The limit is annual; there is no monthly limit except that the most you can contribute in any month is your earned income until you've maxed out the $5,000.  Your employer's payroll system should stop contributions once you've reached $5,000, but it's always good to check with your HR department and monitor your pay stubs.  You aren't able to change your contributions outside of your employer's open enrollment period unless you experience a qualifying life event, such as a marriage or birth of a child.   For 2020 and 2021, employers were permitted to allow employees make mid-year changes to their FSA contributions, but the old rules are back for 2022.  Your employer plan determines the specific details of how much and when you are able to contribute to the FSA.  

[SuziM]

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[Mike9241]

I'm not sure what you mean by dependent HSA.  you can have a HSA (in your name) if you qualify and it can be used to pay qualified medical expenses of a dependent.   however. if that person can be claimed as a dependent, regardless of whether they are in fact claimed, they CAN NOT have their own HSA. 

[NCperson]

@Mike9241 - I think it's a dependent care FSA they are discussing - as the limit is $5,000.