Showing posts with label Tax Free. Show all posts
Showing posts with label Tax Free. Show all posts
Tuesday, September 13, 2011
HSA Maximum Contribution Going Up!
I just found out that the maximum Health Savings Account contribution is going up for 2012! As you avid readers will recall from a previous blog post, the 2011 family maximum was $6150. The new maximum family contribution for 2012 is $6250. Not a huge increase, but an increase none the less. In these tough economic times, $100 is nothing to sneeze at. Hurray, for $100 more tax free money to save for my family's medical expenses!
Monday, August 1, 2011
Health Savings Account Heads Up!
Each year the IRS set a maximum contribution limit for Heatlh Savings Accounts, since these are tax free accounts. For a family the maximum allowed contribution in 2010 was $6150. Up until I found out I was pregnant, I had only deposited $20 in our HSA.
I figured I would just add money to it when we needed to go to the doctor. However, upon realizing that I was expecting, I knew we would want to deposit the full contribution amount. So I went to the IRS website to verify the maximum contribution amount for 2011 and found out some very important information. Even though the year 2010 was over, I still had until April 18, 2011 to contribute last year's total contribution of $6150!
So we quickly scrimped and saved. I went to the bank and deposited last years full contribution, making sure the bank credited it correctly for 2010.We still haven't used all that money in the HSA up yet, but I am so thankful to God that it is in there and tax free.
We are currently saving up to add 2011's contribution, which the IRS didn't change the amount on, so it is still $6150. I am sure that my hospital stay and newborn care will eventually use up the full amount. But isn't it great not be taxed on $12,300! I really like that HSA money rolls over every year, is tax free, and can be passed on to my kids. I also really like not throwing away all that money on insurance company premiums!
I figured I would just add money to it when we needed to go to the doctor. However, upon realizing that I was expecting, I knew we would want to deposit the full contribution amount. So I went to the IRS website to verify the maximum contribution amount for 2011 and found out some very important information. Even though the year 2010 was over, I still had until April 18, 2011 to contribute last year's total contribution of $6150!
So we quickly scrimped and saved. I went to the bank and deposited last years full contribution, making sure the bank credited it correctly for 2010.We still haven't used all that money in the HSA up yet, but I am so thankful to God that it is in there and tax free.
We are currently saving up to add 2011's contribution, which the IRS didn't change the amount on, so it is still $6150. I am sure that my hospital stay and newborn care will eventually use up the full amount. But isn't it great not be taxed on $12,300! I really like that HSA money rolls over every year, is tax free, and can be passed on to my kids. I also really like not throwing away all that money on insurance company premiums!
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