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With an HSA you can contribute directly via transfer from an existing checking or savings account with the same net effect on your tax burden. I move money ad-hoc through my HSA rather than set a fixed monthly deposit to give me more flexibility with that money and I love it. You can always max it out in the first quarter of next year if you want to use it as an investment vehicle. Also your girlfriend's contribution is extremely low. What's her deal?
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Apr 25, 2014 22:49
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| # ¿ May 9, 2024 21:07 |
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Guinness posted:You only get reimbursed on federal income tax if you do post-tax contributions, though, not on FICA (Social Security & Medicare). It's a small difference, but it is leaving money on the table. I'm trying to push my company to set up payroll deductions for for that reason, but for some reason they can't do it yet. I've had to do post-tax contributions the past couple years and the deduction come tax time still ends up reimbursing a sizable number of dollars, like $900 for the max contribution. You're right and I didn't know how that worked. In my own personal finances I make the call to max my HSA in December when I get my year end bonus and run it pre-tax out of that. So I've never left money on the table. But if someone followed my advice they would. Thanks for the lesson.
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May 1, 2014 05:55
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