1040-US: HSA catch-up contributions

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

What are the catch-up contributions?

Answer

For individuals between ages 55 and 65, the HSA contribution limit is increased by $1,000 for the annual contribution limit and the catch-up contribution is calculated on a monthly basis. After an individual has attained age 65, contributions—including catch-up contributions—cannot be made to an individual's HSA.

Note: A health savings account can have only one beneficiary. If the taxpayer is between ages 55 and 65, has a health savings account, and is covered under a high deductible health plan, the taxpayer can claim one catch-up amount on Form 8889. The same is true for the spouse, but the spouse must have their own health savings account and also file Form 8889.

Related topic: Medical and health savings accounts FAQs (1040)

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