HSA CONTRIBUTION

TaxInformation
TaxInformation Member Posts: 1 Newcomer
edited January 15 in General

Age 64.5

Currently receiving SS benefits and have medical insurance through Marketplace

Will be on medicare April 2024 when i turn 65 years of age

Can I contribute to HSA account for 2023?….do I need earned income to contribute?

Tagged:
· Share on Twitter

Answers

  • AlexO
    AlexO FreeTaxUSA Agent Posts: 102

    Hello, TaxInformation!

    That is a great question! You don't need to have earned income to contribute to an HSA. However, you should make sure you have taxable income before the HSA contribution as the benefit of HSA contributions is the tax deduction.

    To determine the amount of contributions you can make for 2023, you can use the worksheet and limitation chart on page 6 of the link below:

    https://www.irs.gov/pub/irs-pdf/i8889.pdf

    · Share on Twitter

Categories