Time to Make Your 2011 HSA Contribution

I started preparing my taxes for the 2011 tax year, and just dropped my $6150 family HSA contribution for 2011 in the mail.  Yes, even though it’s March of 2012, I can still contribute for 2011 tax year up until April 15th, 2012 (April 17th actually this year).  It must be in the bank custodians’ hands by that date, postmarked dates don’t count. You also must have had a HDHP health insurance plan in place by Nov 30th, 2011 and plan to hold onto the plan for 12 consecutive months.

I look forward this one of only a few tax deductions I get each year to lower my tax bill.  I thought my readers needed a little reminder of the coming deadline to get your contribution in before it’s too late. Be sure you mark clearly on the check that it is for a PRIOR year 2011 contribution.

So,  here’s a recap of the allowable maximum HSA contributions for 2011:

Individual = up to $3050 for 2011

Family of 2 or more = up to $6150 for 2011

Over age 55 = Extra $1000 per person allowed on top of the above amounts**

**If two people over age 55 then TWO HSA accounts must be set up in each name with at least $1000 going into each of them.  The other $6150 can be split up how you like.

I will receive a 5498 tax form sometime in May or June showing my prior tax year contribution that will also be sent to the IRS to match up with my 2011 tax return. I will verify the deposit was allocated correctly to the prior tax year.

By the way, 2012 HSA contribution limits go up to $3100 and $6250 respectively.  And yes, you can start contributing for 2012 now.  For past years’ limits, visit our HSASavers page.

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