Corner of Berkshire & Fairfax Message Board

General Category => Personal Finance => Topic started by: learner on December 24, 2019, 05:39:02 PM

Title: HSA account
Post by: learner on December 24, 2019, 05:39:02 PM
I moved out of high deductible plan, can I still contribute to my old HSA account and claim a deduction? Is there any tracking of my healthcare plan
Title: Re: HSA account
Post by: lnofeisone on December 26, 2019, 11:49:01 PM
I moved out of high deductible plan, can I still contribute to my old HSA account and claim a deduction? Is there any tracking of my healthcare plan

Contribute - no. Claim a deduction - as long as you have the funds in your account.
Title: Re: HSA account
Post by: My Own Personal Hedge Fun on February 21, 2020, 09:08:26 AM
Yes, 1095-C reports the type of coverage you held. I won't claim to know all the in's and out's here, but I would expect if the IRS gets 1095-C with code 1F (or any other codes that would indicate coverage that does not qualify as HDHP) and a 5498-SA reporting contributions, that's an easy audit flag.

Or, if the IRS has any knowledge of Tricare, Medicare, Medicaid, etc. as secondary health coverage also disqualifies one from making HSA contributions.