HSA 2022 Contribution limit over 55
Terry,
I understand the contribution limit in 2022 is $7,300 and the catch up provision is $1000 for 55 and over.
Question…how is the age determined? I turn 55 in May of 2022 do I qualify as age 55 for 2022 or do I need to wait until 2023 to qualify for the catch up provision?
Thank you!
Tom
Terry Says
If you attain that age during the year, then you are eligible for all benefits during the year. So if you’re 55 during the year, then you can make a catch up contribution to your HSA. But I assume you are talking about the “family” limit for 2021, which is $7200, not the $7300 you mentioned. Maybe that was a typo on your part.
That’s the way the IRS looks at births, deaths, and deadlines– unless specifically different limits (like age 59-1/2 for IRA withdrawals, 529 withdrawal penalties,etc.)
