Jack is age 45 and owns a self-only high deductible health policy with a $7,000 deductible under his HSA. What is his maximum permitted HSA contribution in 2020?

HSA holders have the opportunity to keep a certain amount in reserve up to $3350 for an individual and $6650 for a family. Those that are 55 and older have the opportunity to accumulate an additional $1000 which implies that $4350 per individual and $7650 per family, in which these contributions require 100% tax -deductible at gross income.

Thus, the maximum permitted HSA contribution in 2020 for Jack is $3350.

deepakrai138 deepakrai138 · Answer 2 · 2022-01-03T08:47:42+01:00

The maximum permitted HSA contribution in 2020 for jack is $3350.

A health savings account (HSA) is a tax-advantaged savings account a family or individual can use to pay for qualified medical expenses. HSAs are paired with a high-deductible health plan (HDHP) and have annual contribution limits. Each year, the IRS HSA rules adjust the guidelines regarding HDHPs and HSA contribution limits.

HSA holders have the opportunity to keep a certain amount in reserve up to $3350 for an individual and $6650 for a family. Those that are 55 and older have the opportunity to accumulate an additional $1000 which implies that $4350 per individual and $7650 per family.

Hence The maximum permitted HSA contribution in 2020 for jack is $3350.

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