Tag: Taxes

Don’t Forget! Maximize Your HSA to Reduce Taxes and Increase Savings

If your weekend plans include finishing up your taxes, don’t forget to first contribute the maximum to your Health Savings Account. By doing so, you can reduce your taxes  and increase your savings for healthcare or retirement expenses.

You can contribute for 2014 until April 15, 2015.

For 2014, you and/or your employer can contribute in total up to $3,300, if you are under age 55 and have single HSA compatible health coverage, and up to $6,550, if you are under 55 and have family HSA compatible health coverage. Be sure to note online or on your check that the contribution is for 2014.

HSA members who are 55 and older and not receiving Medicare benefits can make an additional “catch-up” contribution of $1,000. Your spouse is also entitled to a $1,000 catch-up contribution, if he/she meets the eligibility requirements of 55 years and older and not on Medicare benefits. Your spouse must open a spousal HSA account, a quick and easy process that we can help you with.

Note: If you’ve already filed your 2014 taxes and want to make an additional contribution to your HSA for 2014 up to the limits allowed, contact your tax advisor on how this impacts your tax filing.

For additional information, please contact Sterling customer service at customer.service@sterlingadministration.com or call 800-617-4729. Customer service representatives are available Monday – Friday from 8 am – 6 pm Pacific time.

Maximize Your 2014 HSA Contributions Before April 15

Uncle Sam wants your money. So does your HSA. The 2014 tax filing deadline is less than a month away, but it’s not too late to contribute the maximum allowed for 2014 to your health savings account (HSA). You can contribute for 2014 until April 15, 2015.

For 2014, you and/or your employer can contribute in total up to $3,300, if you are under age 55 and have single HSA compatible health coverage, and up to $6,550, if you are under 55 and have family HSA compatible health coverage. Be sure to note online or on your check that the contribution is for 2014.

HSA members who are 55 and older and not receiving Medicare benefits can make an additional “catch-up” contribution of $1,000. Your spouse is also entitled to a $1,000 catch-up contribution, if he/she meets the eligibility requirements of 55 years and older and not on Medicare benefits. Your spouse must open a spousal HSA account, a quick and easy process that we can help you with.

If you’ve already filed your 2014 taxes and want to make an additional contribution to your HSA for 2014 up to the limits allowed, contact your tax advisor on how this impacts your tax filing.

What About 2015 Contributions?

In 2015, the maximum amount that can be contributed to your HSA is $3,350 if you are under age 55 with single coverage and $6,650 if you are under age 55 with family coverage. The same “catch-up” contributions apply in 2015 as outlined above for 2014.

For additional information, please contact Sterling customer service at customer.service@sterlingadministration.com or call 800-617-4729. Customer service representatives are available Monday – Friday from 8 am – 6 pm Pacific time.

LAST CHANCE: Maximize Your 2013 HSA Contributions Now – Deadline is April 15, 2014

By maximizing your 2013 HSA contributions, you can reduce your taxes and increase savings for healthcare or retirement expenses.

You and your employer can contribute in total up to $3,250, if you’re under 55 years of age and have single HSA compatible health coverage, and up to $6,450 if you are under 55 years of age and have family HSA compatible health coverage.

You have until April 15, 2014 to contribute to your HSA account and claim those contributions for tax year 2013.

If you are 55 years old and over and not receiving Medicare benefits, then you may also contribute an additional “catch-up” contribution of $1,000. Your spouse is also entitled to a catch-up contribution if he/she meets the eligibility requirements noted above. For your spouse to make the catch-up contribution, he/she will need to open a spousal HSA account. It’s a quick and easy process and we’d be happy to help. Contact us at 800.617.4729 or customer.service@sterlinghsa.com.

Please note: If you add to your HSA account for the 2013 tax year, you will need to add those contributions to what is listed on your 2013 statement when you prepare your tax return.

There are even greater opportunities to save next year. The IRS approved HSA contribution limits are $3,300 for individual coverage and $6,550 for family coverage in 2014. Individuals age 55 and over may continue to contribute $1,000 more as a “catch up” contribution.