HSA CONTRIBUTIONS & TURNING 65 (MEDICARE) QUESTION

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  • nwtaxlady
    Senior Member
    • Sep 2009
    • 418

    #1

    HSA CONTRIBUTIONS & TURNING 65 (MEDICARE) QUESTION

    Taxpayer turns 65 in May of 2023. He has a High deductible plan etc. What is his allowable contribution this year?
    Is it since over 55 $4850 and then since he starts medicare in May that he is limited to $2020? Please advice me if I am wrong. Thanks.
  • kathyc2
    Senior Member
    • Feb 2015
    • 1945

    #2
    You can't contribute for the month MC starts, so 1,617.

    Comment

    • Gretel
      Senior Member
      • Jun 2005
      • 4008

      #3
      I don't recall all the details any longer but believe you have to include the 6-months lookback period for Medicare, which means last month of HSA for which a contribution is allowed is November 2022. Medicare has some weird rules.

      Comment

      • Gretel
        Senior Member
        • Jun 2005
        • 4008

        #4
        There are more threads on this board regarding this issue.

        Comment

        • kathyc2
          Senior Member
          • Feb 2015
          • 1945

          #5
          Originally posted by Gretel
          I don't recall all the details any longer but believe you have to include the 6-months lookback period for Medicare, which means last month of HSA for which a contribution is allowed is November 2022. Medicare has some weird rules.
          That doesn't apply for someone who starts MC upon turning 65. That is for someone who doesn't start MC until a later date than 65..
          Last edited by kathyc2; 01-21-2023, 11:25 AM.

          Comment

          • Lion
            Senior Member
            • Jun 2005
            • 4698

            #6
            Individuals working past age 65 who want to continue contributing to a health savings account need to carefully follow Medicare’s enrollment rules to avoid significant penalties.

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