How to Know If I Overfunded HSA in 2017?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. However, it's essential to know the contribution limits to avoid overfunding your HSA. If you're wondering how to determine if you overfunded your HSA in 2017, here are some steps to help you:

1. Understand the HSA Contribution Limits: In 2017, the maximum contribution limit for an individual was $3,400, and for a family, it was $6,750.
2. Review Your Contributions: Check your HSA contributions for 2017 to see if you exceed the limits mentioned above.
3. Consider Employer Contributions: If your employer made contributions to your HSA, include those in your total calculation.
4. Account for Catch-Up Contributions: Individuals aged 55 and older can make an additional catch-up contribution of $1,000 in 2017.
5. Consult a Tax Professional: If you're unsure about your HSA contributions and potential overfunding, consider consulting a tax professional for guidance.

By following these steps and staying informed about HSA contribution limits, you can avoid overfunding your HSA and enjoy the benefits it offers.

Health Savings Accounts (HSAs) are a smart way to set aside money for medical costs while enjoying significant tax advantages. If you suspect you may have overfunded your HSA in 2017, it's crucial to understand the contribution limits to avoid any unnecessary penalties. Here are the steps to determine if you've contributed too much:

1. Know the HSA Contribution Limits: For 2017, individual maximum contributions were capped at $3,400, while families could contribute up to $6,750.
2. Check Your Contributions: Review your bank statements or HSA account details for 2017 to see how much you and your employer contributed.
3. Factor in Employer Contributions: If your employer added money to your HSA, remember to include their contributions in your total count.
4. Include Catch-Up Contributions: Individuals aged 55 and older could contribute an extra $1,000 on top of the standard limits in 2017.
5. Speak with a Tax Advisor: If you're confused about your contributions and the possibility of overfunding, a tax professional can provide clarity and assistance.

By remaining vigilant about HSA contribution limits and regularly reviewing your account, you can ensure compliance and enjoy the full financial benefits your HSA has to offer.