HSA CONTRIBUTIONS & TURNING 65 (MEDICARE) QUESTION

[nwtaxlady]

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]

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

[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.

[Gretel]

There are more threads on this board regarding this issue.

[kathyc2]

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..

[Lion]

https://www.journalofaccountancy.com/issues/2021/jul/medicare-rules-on-hsa-after-age-65.html