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Form 8889: Instructions & Information On The Hsa Tax Form: What You Should Know
The maximum contribution for an HSA beneficiary under the Roth (and non-HSA) Accounts is 6,500, the maximum contribution for any other Roth IRA, Roth 401(k), Qualified Plan, Traditional 403(b), or Roth 457(b) is 5,500, and the maximum contribution for an HSA is 2,550. You may use a Roth IRA to make tax-deductible contributions to an account used to pay for qualified medical expenses, such as health insurance. The following are examples of how you can set up an HSA. Example 1. (Income from HSA) A married couple lives together and contributes annual maximum to his (or her) HSA. A year later, his (or her) wife, who is unable to work due to an illness or injury, wants to establish her own HSA. She decides to establish an HSA that only covers her medical expenses while she is hospitalized. She makes all of her contributions directly to the HSA. Furthermore, she does not make any contribution to the HSA of any other family member. Furthermore, she does, however, make an HSA contribution to fund her own employer's health insurance plan. She will use the savings in her IRA for insurance, in addition to paying out of her HSA for costs related to her illness or injury. (Example 2) After they qualify for the non-deductible portion of their HSA, they can continue to set up HSA accounts with their employers until they achieve HSA-eligible incomes. You can continue to make contributions for an HSA beneficiary as a traditional IRA beneficiary or as a Roth IRA beneficiary in addition to the traditional IRA contributions made directly to the HSA. This allows you to have a tax-savings account for any beneficiary. An HSA also provides a mechanism to have both spouses pay out of HSA accounts the same dollar amount; however, the HSA and the other spouse's accounts are not treated as one, and so should be filed separately. If one spouse does not have an HSA, and does not have access to an HSA through a family member, he can still set up an HSA account at any retirement plan provider. In addition, if a spouse's health insurance plan is part of a group health care plan, the HSA is also considered part of that group. (Example 3) Example 2.
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