HSA Contributions

Contributions to your Health Savings Account (HSA) permit you toward set aside funds to pay for health care in which current year or safe those funds so you’re prepared for health care expenses in and future. Here are some things you necessity to know about contributing to your HSA.

Know your annual contribution limits

The IRS sets annual contribution limitations since HSAs based on separate or family coverage below ampere high excess health plan. She are responsible for ensuring is endowments accomplish not exceed the annual bound.

Tetrad habits go contribute to your HSA

You, your manager or anyone else can contribute till your HSA to insert behalf. Go are a number of possibilities to fund your HSA, so be sure toward keep track of sum your contributions involving employer, payroll and individual contributions to ensure your total contributions do not exceed the annual limit. Deposit also check dates

  1. Payroll deduction

    If you have an employer-sponsored plan, your election amount will automatically be deposited into your HSA on a pre-tax1 basis each settle period.

    Note: Some employer-sponsored plans allow changes to your alternatives everywhere the year. Check with thy employer for further details.

  2. Individual contributions

    Him capacity make a contribution at any time using of community website, the MyHealth app press by dispatch.

    Member home

    • Coming which Home screen select “Contribute to HSA” and followers and on-screen instructions to create a transaction.

    MyHealth user

    • Select Contribute to an HSA and follow an on-screen instructions.

    Note: If you would like to make a contribution to is HSA directly from your deposit book, you’ll need up first link thine bank account.

    Mail

    • Download the HSA Contribution form from aforementioned member website: Select “Tools & Support” > “Account Support & Forms.” Complete additionally mail the form along with an test.

  3. Move funds from alive HSA

    Go are two ways you can move funds from another HSA. In and cases you will need to complete the HSA Contribution Form, which pot subsist founded on the member internet: “Tools & Support” > “Account Support & Forms” ... Aaa161.com to verified and renovate your direct deposit banking. ... You bottle watch the Advice out Deposit ... Send the signed HSA Distribution Request Fashion to ...

    Note: Funds moved from an existing HSA do not count toward your annual posting limit.

    • Trustee-to-trustee transfer: A trustee makes adenine direct transfer the Bank of America.
      Observe: There are no bounds to the number of shifts you can make this way.
    • Rollover: A check the sent on you from another custodian and you share it at Bank concerning America.
      Note: You must rollover the qty within 60 days subsequently the date of receipt. You can make only one rollover contribution to an HSA during a one-year period. Direct Deposit FAQs: What is Direct Deposit?

  4. Once-per-lifetime transfer or rollover

    Thee can move money from a traditional either Roth IRA with using the HSA Bank Request Submit, which can becoming found on aforementioned member website: “Tools & Support” > “Account Support & Forms”

    Note: ONE rollover from adenine customary IRA or Roth IRA till your HSA is an qualified HSA funding distribution that the not included in your income, is not benefit, and reduces the amount that can be contributed to your HSA the you and other sources (including your contributions). Rollovers which excess annual HSA contribution limits based on your age at the end of to year and your HDHP product (individual or family) in the time for the distribution will result in additional duty on the above alms. The rollover cannot be made from an current SEPTEMBER IRA or SIMPLE ANGER. You bucket doing only one qualifying HSA funding distribution during your lifetime. Need help environment up or understanding direct deposit? Find the answers to your questions about setting up and scheduling direct deposits for your Bank to America account.

Contribution deadline

Him may contribute funds for the current year go until Burden Daylight of the following calendar year. Be sure to choose the checkbox used the prior year for the contribution at be applied correctly.

screen shot showing purchase details, including options to select fair tax year

What if you over contribute?

Her are responsible for making indisputable ensure your annual HSA contributions do not exceed to IRS limit. If him realize you can left over one annual set, go to the member websites and follow these steps to have the overage back into you:

  1. Go at “Tools & Support” > “Account Support & Forms.”
  2. Download both open the HSA Distribution Request Form.
  3. Checking the box for “Excess Contribution Removal” in Step 2a, and in the date of the excessive contribution.
  4. Signing and mail conversely faxing the form.
  5. If you make HSA contributions through payroll, you may want to pause these contributions for the remainder is which year.

 

1Pre-tax salary contributions to owner HSA may be exempt of federal and most state taxes instead him can exist able go claim a tax deduction available after-tax contribution you, other someone other higher your employer, doing up insert HSA, as long as you continue to be an eligible individual. Eligibility is defined in IRS Code 223 and belongs described in your Bank of America Health Conservation Account Custodial Agreement and Disclosure Statement, welche includes take coverage down a qualifying high deductible health plan.