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HSA Contribution Calculator

A. Your insurance policy deductible is: $ ________

Note: If this number is greater than $2,650 and you have an individual policy, write in $2,650. If this number is greater than $5,250 and you have a family policy, write in only $5,250.
Note: amounts listed are for 2005; they are indexed annually.

B. Divide this amount by 12 (the number of months in a tax year) to get your monthly pro-rated amount:  $ ________
C. Determine how many months your
policy is in force, in the tax year: (1-12)
D. Multiply the number from “B” by the number from “C.” The total represents the maximum amount you may contribute this year: $ ________

Notes: For HSAs, a policy is considered “in force” by the IRS on the first day of the month that you received coverage through the policy. For example, if you signed a policy agreement on July 24 th, the policy is retroactively “in force” as of July 1.

Special Rules for Those Over 55

To allow older taxpayers to “catch up,” the current law allows HSA participants to stretch their contribution limit by an additional $600 in 2005. This means that if you are over 55 and have a $1,000 deductible, your legal contribution may be $1,600 for the tax year. Under current law, the “catch-up” amount will increase $100 per year (the catch-up amount will be $700 in 2006) until it reaches an additional $1,000 per tax year by 2009 and thereafter. These additional amounts must also be pro-rated, in the same way any other contribution would be, if you participate in the HSA program for only part of the year.

Penalties on Excess Contributions

Current law mandates a penalty if you, or your employer, contribute in excess of your limit for the tax year. You will be penalized with a 6% excise tax on the entire amount that is over the limit.

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