It doesn’t seem possible we are talking year-end, but December 31 is fast approaching. Here are a few year-end reminders to help maximize tax-advantaged accounts.
- Now is the time to review your year-to-date HSA contribution totals to make sure you are taking full advantage of all potential tax savings.
- In 2019, IRS contribution limits for an HSA are $3,500 (individual coverage) and $7,000 (family coverage).
- You have until the April 15 tax deadline to contribute to your HSA for 2019. Be sure to clearly indicate the tax year on your contribution.
- Account holders 55 years of age and older may contribute an additional $1,000 catch-up contribution.
- FSA/DCA/LPFSA – Remember these accounts are “use it or lose it” accounts. Check with your employer to determine when 2019 FSA expenses need to be submitted. For Health Benefit Solutions clients, an email is sent from UBT reminding employees of their specific timeframe.
- If you are an HSA account owner, watch your mailbox at the end of January. The 2019 1099-SA form will be mailed to you, which indicates the amount of money that was distributed from your HSA during the 2019 tax year. Remember, if audited, it’s your responsibility to save receipts for proof of qualified expenses.
- Have you made any changes recently that need to be reflected on your account, such as new address, new authorized signer, beneficiary change, or name change? Now is a great time to update your account.