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 pe

Question

puteri [66]

2 years ago

8

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 pe

rmitted HSA contribution in 2020?

Mathematics

1 answer:

creativ13 [48] · Answer 1 · 2022-12-16T16:46:48+03:00

Answer:

$3350

Step-by-step explanation:

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.