Hi, my spouse got a new job. We have been covered by an HMO for the first 7 months this year. We will drop that coverage and be covered by an HDHP for the rest of the year and going forward. We also have an FSA through my employer which I'm not sure we can "drop", as we've already spent the money, and I assume they will continue to take paycheck deductions for the rest of the year. I have two questions:
1. Are we limited in our HSA contributions for the year, either due to our part-year HMO benefits or the FSA? (I believe the last month rule eliminates the concern with the HMO, so my real concern is with the FSA.)
2. The company is not making any contributions, does it matter if she chooses paycheck deductions or can we just make direct contributions to an HSA at Fidelity and reconcile on our tax return?
Thanks.
1. Are we limited in our HSA contributions for the year, either due to our part-year HMO benefits or the FSA? (I believe the last month rule eliminates the concern with the HMO, so my real concern is with the FSA.)
2. The company is not making any contributions, does it matter if she chooses paycheck deductions or can we just make direct contributions to an HSA at Fidelity and reconcile on our tax return?
Thanks.
Statistics: Posted by toddthebod — Mon Jul 08, 2024 8:20 pm — Replies 2 — Views 249