2024 HSA partial year limits (lemmy.world)

submitted 8 months ago by kingshrubb@lemmy.world to c/personalfinance@lemmy.ml

2 comments fedilink hide all child comments

Need help please. If I am enrolled in 2024 for 10 months of the year (March-December) in an HSA-elligible HDHP will I be able to max out my HSA to the individual contribution limit of $4,150 or will I get hit with a big tax penalty? Do I have to "pro-rate" my contributions and subtract the first two months since I was not enrolled during that time? Very confused about this and am seeking clarity as I am reading conflicting information online while trying to max out my HSA if possible. Thank you for any assistance.

top 2 comments

sorted by: hot top controversial new old

[-] satanmat@lemmy.world 5 points 8 months ago* (last edited 8 months ago)

Whelp…

Based on this irs publication The whole amount…

Last-month rule. Under the last-month rule, if you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers), you are considered an eligible individual for the entire year.

[-] kingshrubb@lemmy.world 1 points 8 months ago

Thank you

this post was submitted on 17 Feb 2024

9 points (90.9% liked)

Personal Finance

3781 readers

1 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago

MODERATORS

WandererLagomorph799@lemmy.ml

nieceandtows@programming.dev

nieceandtows@lemmy.ml