HSA Contribution - Weird Timing Situation

Forum|Forum|6 years ago
December 15, 2019
1 reply
17 views

Hello,

I had insurance through my prior employer from January 1st, 2019 - November 30th where I was able to contribute (and did so) to my HSA.

I did not have insurance December 1st, 2019.

My insurance with my new employer began on December 2nd (and is HSA eligible). Am I able to finish my 2019 contributions or because I technically did not have insurance on the first day of December...can I not contribute for the month of December?

Thank you.

Chris

Best answer by dmertz

Because you did not have HSA-compatible insurance on December 1, 2019 you are not an eligible individual for December. For 2019 you are only eligible to contribute 11/12 of the annual maximum contribution.

Because you were not an eligible individual on December 1, the last-month rule does not apply.

In 2019 TurboTax, indicate that you had no HDHP insurance for December.

dmertzAnswer

Level 15

Because you were not an eligible individual on December 1, the last-month rule does not apply.

In 2019 TurboTax, indicate that you had no HDHP insurance for December.

chrisrcahillAuthor

Level 2

Darn. That is what I thought.

I read online that if your insurance is not active on the first of the month, you have to wait to the next month. O well. At least I got to contribute for the other 11 months.

Thanks.