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2024 HSA partial year limits (lemmy.world)

submitted 8 months ago by kingshrubb@lemmy.world to c/personalfinance@lemmy.ml

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Need help please. If I am enrolled in 2024 for 10 months of the year (March-December) in an HSA-elligible HDHP will I be able to max out my HSA to the individual contribution limit of $4,150 or will I get hit with a big tax penalty? Do I have to "pro-rate" my contributions and subtract the first two months since I was not enrolled during that time? Very confused about this and am seeking clarity as I am reading conflicting information online while trying to max out my HSA if possible. Thank you for any assistance.

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[–] satanmat@lemmy.world 5 points 8 months ago* (last edited 8 months ago) (1 children)

Whelp…

Based on this irs publication The whole amount…

Last-month rule. Under the last-month rule, if you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers), you are considered an eligible individual for the entire year.

[–] kingshrubb@lemmy.world 1 points 8 months ago

Thank you