What is the max HSA contribution for 2019 if only had eligible insurance for part of year?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax advantages.

Every year, the IRS sets the maximum contribution limits for HSAs.

If you only had eligible insurance for part of the year in 2019, your HSA contribution limit is prorated based on the months you were eligible for the high deductible health plan (HDHP).

To determine your maximum HSA contribution for 2019 if you had eligible insurance for part of the year, follow these steps:

1. Find out the monthly contribution limit for the tax year (for 2019, it was $3,500 for self-only coverage and $7,000 for family coverage).
2. Calculate the number of months you were eligible for the HDHP during the year.
3. Multiply the monthly contribution limit by the number of months you were eligible for the HDHP.

For example, if you had self-only coverage for 6 months in 2019, your maximum HSA contribution would be $3,500 / 12 x 6 = $1,750.

It's important to be aware of your prorated HSA contribution limit to ensure you are not overcontributing and facing potential tax penalties.

Health Savings Accounts (HSAs) are a convenient way to save for medical costs while benefiting from tax breaks. Understanding how to calculate your contribution limits is crucial, especially if you had eligible insurance for only part of 2019.