Contributions To A Health Savings Account
- Employees, self-employed people, employers, family members and other people can contribute to a Health Savings Account (HSA).
- Contributions must be made in cash.
- Contributions can be made any time throughout the year. The most benefit comes from funding the plan early in the year.
- There are limits on the amount that can be contributed to an HSA that change each year.
- Rollovers from MSAs and other HSAs are permitted and don't have to be in cash.
- You are penalized if you contribute more than the legal limits. Excess contributions can be withdrawn without penalty the same year.
For additional information, see:
- Who Can Make Contributions to An HSA?
- The Form In Which Contributions To An HSA May Be Made
- What Contributions Can Be Made To An HSA?
- Limit On Contributions To An HSA
- If You Contribute More Than Allowed
- Rollovers 4140
NOTE: You must reduce the amount you, or any other person, can contribute to your HSA by the amount of any non-taxable contributions made by your employer that are excludable from your income. This includes amounts contributed to your account by your employer through a cafeteria plan. (Employer contributions are reported on your W-2.)