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SBR2020
New Member

HSA contibution limit for over 55

 My wife made the maximum contribution of $4600, and I made the maximum contribution of $8200 and Turbotax does not recognize the catch up contributions for over 55 and states that I am overfunded. This needs to be corrected

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2 Replies

HSA contibution limit for over 55

Two spouses with a family HDHP have a maximum annual HSA contribution of $7,200 in 2021. ($8,200 if over 55). This contribution limit applies whether each spouse has their own HSA or if only one member of the family has an HSA.

 

HSA contibution limit for over 55

you have a choice. leave the excess in and pay a 6% penalty. then in 2022 reduce your contributions to eliminate the excess otherwise you'll pay another 6 % penalty

 

or

 

by the due date of the 2021 return remove the excess + earnings thereon. contact the custodian/trustee to do  this so they can compute the income that needs to be withdrawn and issue the correct tax forms

 

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