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HSA Plan effective date and contributions


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For an HSA contribution, I have read you can make the contribution up to the tax filing date (April 15, 2010 for 2009 year). However, does the Plan need to be established on/before 12/31/09 in order to make the contribution? Just wondering if they can set up the HSA in 2010, make contributions for the 2009 year.

Thanks,

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Do not forget that in order to be eligible to have an HSA, you must first have a qualified HDHP.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

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Do not forget that in order to be eligible to have an HSA, you must first have a qualified HDHP.

Yes, that is my question, did all plan set up/paperwork and such have to be completed on/before 12/31/09 or can every thing be completed now (set up plan for 2009, in march 2010) and contributions made on behalf of 2009 before the tax filing in 2010.

Thanks in advance

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I suggest tthat you look at IRS Publication 969.

Since you cannot get health insurance retroactively, you would have needed to have had the HDHP in place during 2009 in order to be eligible to have an HSA regardless of any timing of funding issues.

George D. Burns

Cost Reduction Strategies

Burns and Associates, Inc

www.costreductionstrategies.com(under construction)

www.employeebenefitsstrategies.com(under construction)

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I suggest tthat you look at IRS Publication 969.

Since you cannot get health insurance retroactively, you would have needed to have had the HDHP in place during 2009 in order to be eligible to have an HSA regardless of any timing of funding issues.

Thanks! So if there was a plan in place in 2009, from my understanding, if this person was eligible before Dec 1, 09 they could set up account and fund on behalf of prior year? Sorry I am new and learning on the fly (as if you couldn't tell already :)

Thanks again.

J

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