Question
In: Finance
In 2019, the maximum amounts that can be contributed to health savings accounts (HSAs) for taxpayers...
In 2019, the maximum amounts that can be contributed to health savings accounts (HSAs) for taxpayers age 55 or above are __________. *
$1,300 for self-only coverage and $2,600 for family coverage.
$1,350 for self-only coverage and $2,700 for family coverage.
$3,450 for self-only coverage and $6,900 for family coverage.
$4,500 for self-only coverage and $8,000 for family coverage.
Solutions
Expert Solution
Health Savings Accounts (HSAs) contribution limit (employer + employee) for the year 2019 are $3,500 for self-only coverage and $7,000 for family coverage. However, individuals who are 55 or above 55 years by the end of the tax year are allowed to make catch-up contributions of $1,000 in their HSAs. Hence, In 2019, the maximum amounts that can be contributed to health savings accounts (HSAs) for taxpayers age 55 or above are $4,500 for self-only coverage and $8,000 for family coverage.
Correct option - Option 4
jeff jeffy answered 2 years agoRelated Solutions
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