Maximize Your 2014 HSA Contribution

You have until April 15, 2015 to make HSA contributions for tax year 2014. Make sure to indicate the contribution is for 2014, so the custodian gets the tax reporting correct.  If you are mailing your contribution, you should send it early, and verify it was credited for 2014. The bank will need some time to process your contribution, so don't wait until the last minute. If you cut it close and your custodian allows for electronic contributions, you may want to use that option.


Be Tax Savvy. You may have made contributions last year through payroll deferral at work or your company may have contributed for you. That's great. But did you contribute the maximum? HSAs are the best tax deal available for many Americans, and you want to take full advantage. It may be too late to add more money to your HSA through payroll deferral for 2014, but you can still do so directly on your own.

What are the HSA contribution maximums for 2014?
  • Self-Only Coverage.
    Individuals with self-only HDHP coverage in 2014 are allowed to contribute $3,300 ($3,350 for 2015). This maximum includes all employer, payroll deferral and personal HSA contributions.
  • Family Coverage.
    Family contribution limit is $6,550 ($6,650 for 2015).
  • Catch-Up (Age 55+).
    Individuals and covered spouses 55 or older may contribute an additional catch-up contribution of $1,000 (same for 2014 and 2015). You cannot contribute more than $7,550 ($7,650 for 2015) into one HSA. Catch-up contributions should be made into each spouse's respective HSA. 
Must Have Been Eligible in 2014
You had to have been HSA eligible in 2014 to make a 2014 contribution. See our HSA Eligibility and Contribution Worksheet for details on HSA eligibility and contribution. If you are starting your HSA in 2015, keep this rule in mind for next year. 
Please feel free to contact us if you have any questions. 

Thank you, 
George Knox, CLU, ChFC
214.695.2904 (mobile) 214.443.1400 (office) |

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