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Video instructions and help with filling out and completing irs form 8889 instructions 2021
How's it goin everybody this is b2 push I'm sure you've heard of this HSA account which is a health savings account from your employer when I first heard of an HSA I didn't pay much attention to it mainly because I just thought it was for medical expenses and so me being a young healthy adult I only needed you know a couple hundred dollars in my HSA per year so I didn't really go all out and just max it out or anything but did you know you should really mess out your 401k matching first and right after that you should be maxing out your HSA which is roughly $3,400 for 2021 then you should go back to try and max out either your Roth or your 401k the HSA contribution limits is actually separate from your 401k your 401k allows you to contribute up to eighteen thousand dollars of tax deferred money whereas an HSA allows you to contribute an additional $3,400 so if you combine those two you get a total of twenty one thousand and four hundred dollars worth of tax deferred payments now here's a way to think about your HSA after you do one on one matching when you put money in your HSA it's really for medical expenses so if you have enough buffer money in there you can just pretend this is your medical expenses only and whenever you spend stuff on medical you do not have to pay taxes on it so if you pay into this and kind of use this kind of like a buffer bank account only for medical expenses therefore it means any kind of medical expenses you do not have to pay taxes for this is a pretty good advantage so let's look at what the requirements of an HSA account is over here the contribution limit for a single person is $3,400 this is three thousand four hundred dollars more than the 18 thousand you can contribute to a 401 K which is on top of that so this is really good you can kind of hide your money more in more tax deferred type of accounts if you're contributing to your family which is really for a dependent then you can contribute up to six thousand seven hundred fifty dollars if you're 55 and older you can contribute $1,000 more in order to get an HSA account you have to sign up for an high deductible health plan through your employer which means it does have an heidi estable which means you have to be a healthy young adult because if you have a high deductible it just means you don't really plan on using the medical facilities all that much and therefore your employer can pay into it and you just kind of keep the money rather than spend it on actual medical monthly fees so it's a requirement that you sign up for a high deductible health plan which.