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Video instructions and help with filling out and completing form 8889 2021
Hey everybody today we're going to be talking about the HSA last month rule and testing period this video is brought to you by easy form eight eight eight nine calm it's an online simple tax preparation software for the HSA tax form eight eight eight nine and the time you spend viewing this video you could use it instead to have your completed form a to date nine for this tax year that's easy form eight eight eight nine calm alright so today we'll be talking about a number of things relating to the last month rule and testing period and we're going to do this in four sections the first section we'll use to define some definitions for what we're talking about the second section will talk about who the last month will applies to will then discuss penalties for failing the testing period and finally how to avoid these taxes and penalties and using the last month rule safely so to start off we know that HSAs have a yearly contribution limit which is a maximum amount that can be contributed to the HSA for a year so this is really a theoretical maximum or an actual maximum amount that can be applied or contributed regardless of what your situation is you can't contribute more than this so for 2021 these amounts should look pretty familiar and there's an over fifty-five catch-up contribution which is a thousand dollars on top of the cellphone lien family amount so there is a distinction here between the yearly contribution limit and your contribution limit your contribution limit is the maximum amount you can contribute to your HSA based on your coverage type your coverage duration and your age the key point here is that it's prorated the number of months that you have coverage affects the contribution that you can make to your HSA so for example if you had self only HSA coverage for January February and March those are the only months you have for 2021 the maximum contribution limit would be reduced by this ratio of three out of 12 months that would leave you with a contribution limit of eight hundred and thirty seven dollars and twenty five so you can see that's a bit less than the maximum amount where this relates is this thing called the last month rule and last month rule is a rule relating to health savings accounts that says if you have coverage on December 1st you may contribute the maximum to your HSA regardless of how much coverage you had during the year so this is a special rule that applies and says hey you can contribute more than you otherwise could we're going to kind of grandfather you in don't worry about it contribute up to the maximum so sounds really nice and in theory you're getting something for nothing and contributing more than you could so as an example let's assume you had family coverage for.