J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return

41.11 Limits on Deductible HSA Contributions

If you are an eligible individual (41.10), you can set up an HSA with an insurance company, bank, or other financial institution that has been approved by the IRS for this purpose. HSA contributions are reported to the IRS on Form 5498-SA.

The full contribution limit for 2012 (see below) is available regardless of when during the year you became eligible (41.10) for an HSA, so long as you were eligible on December 1, 2012; you are treated as if you were enrolled in the December 1 plan for the entire year. Contributions can be made up until the due date for filing your tax return (without extensions). Thus, HSA contributions for 2012 can be made through April 15, 2013.

For 2012, the maximum deductible contribution limit for an individual with self-only HDHP coverage is $3,100. For an individual with family coverage, the maximum deductible contribution for 2012 is $6,250. If a married couple has family HDHP coverage and both spouses are eligible for an HSA, they can decide between themselves how to allocate HSA contributions.

The contribution limit is increased for an account owner who is at least age 55 by the end of the year and who has not enrolled in Medicare. The “catch-up” contribution limit is $1,000. Starting with the month that an individual enrolls in Medicare Part A or B (generally at age 65), no further contributions, including catch-up contributions, can be made to his or her HSA. The allowable contribution is deductible “above ...