Eligible on December 1st Sample Clauses

Eligible on December 1st. If you become eligible for HSA contributions during a particularyear and you are eligible as of December 1st of that year, your maximum contribution for that year is the full indexed amount. However, if you become ineligible for HSA contributions during the twelve (12) month period beginning with December of that year, you will notbe entitled to the full maximum contribution. Instead, your maximum contribution will be a fraction of the maximum contribution for the full year based upon the number of months in which you were eligible during that year. The excess contributions will be included in your gross incomeand an additional tax will be imposed on those contributions. If you are married and both you and your spouse have coverage under a Qualifying High Deductible Health Plan and you both have health savings accounts, the limit is divided equally between you (unless you agree to a different allocation). Rollover contributions may also be made to an HSA from another health savings account or from an Xxxxxx MSA. Rollover contributions are not subject to the contribution limit described above, however, exclusions do apply. HEALTH SAVINGS ACCOUNT (CONTINUED) What happens if my contributions exceed the contribution limit? If the contributions to your HSA exceed the applicable maximum contribution limit for a year, generally the excess contributions will be included in your income andan excise tax will be imposed upon them. However, youcan avoid the excess tax if you take a distribution of the excess contributions (and the net income attributable tothe excess contribution) before the last day (including extensions) for filing your federal income tax return. This distribution must be included as a taxable income when you file your taxes. What are the tax consequences of the HSA Contribution Feature? The contributions made under this HSA Contribution Feature will not be included in your gross income, unless they exceed the applicable maximum contribution limit asdiscussed above. What are the rules regarding distributions from my HSA? Your Employer has no control over or involvement with distributions made from your HSA. Your Employer doesnot substantiate expenses for which such distributions are made. Information regarding the procedure for obtaining distributions and the consequences of taking distributions is available from the trustee/custodian of your HSA. When does my participation end? Participation in the HSA Contribution Feature ends upon the earlier of ...
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