Common use of Maximum Contribution Clause in Contracts

Maximum Contribution. The total amount that may be contributed to your HSA for any taxable year is the sum of the limits determined separately for each month. The determination for each month is based on whether, as of the first day of such month, you are eligible to contribute and whether you have self-only or family coverage under a high deductible health plan (HDHP). If you have self-only coverage, the maximum monthly contribution is 1/12 of $3,450 (for 2018) or $3,500 (for 2019). If you have family coverage, the maximum monthly contribution is 1/12 of $6,900 (for 2018) or $7,000 (for 2019). These limits are subject to cost-of-living increases. In addition, if you have attained age 55 before the close of the taxable year, the annual contribution limit is increased by an additional amount not to exceed $1,000 each year. The annual limit is decreased by aggregate contributions made to an Xxxxxx MSA and by any qualified HSA funding distributions from an XXX deposited into the HSA. If you become HSA-eligible after the beginning of the year, you may make a full year’s contribution up to the statutory contribution limit as long as you maintain eligibility during the testing period. The testing period begins the last month of the initial eligibility year and ends at the end of the 12-month period following that month. If you do not remain eligible during the testing period, you must include in your gross income the contributions made for the months that you were not otherwise eligible and pay a 10 percent penalty tax on the amount.

Maximum Contribution. The total amount that may be contributed to your HSA for any taxable year is the sum of the limits determined separately for each month. The determination for each month is based on whether, as of the first day of such month, you are eligible to contribute and whether you have self-only self−only or family coverage under a high deductible health plan (HDHP). If you have self-only self−only coverage, the maximum monthly contribution is 1/12 of $3,450 (for 2018) or $3,500 (for 2019). If you have family coverage, the maximum monthly contribution is 1/12 of $6,900 (for 2018) or $7,000 (for 2019). These limits are subject to cost-of-living cost−of−living increases. In addition, if you have attained age 55 before the close of the taxable year, the annual contribution limit is increased by an additional amount not to exceed $1,000 each year. The annual limit is decreased by aggregate contributions made to an Xxxxxx MSA and by any qualified HSA funding distributions from an XXX IRA deposited into the HSA. If you become HSA-eligible HSA−eligible after the beginning of the year, you may make a full year’s contribution up to the statutory contribution limit as long as you maintain eligibility during the testing period. The testing period begins the last month of the initial eligibility year and ends at the end of the 12-month 12−month period following that month. If you do not remain eligible during the testing period, you must include in your gross income the contributions made for the months that you were not otherwise eligible and pay a 10 percent penalty tax on the amount.

Maximum Contribution. The total amount that may be contributed to your HSA for any taxable year is the sum of the limits determined separately for each month. The determination for each month is based on whether, as of the first day of such month, you are eligible to contribute and whether you have self-only self−only or family coverage under a high deductible health plan (HDHP). If you have self-only self−only coverage, the maximum monthly contribution is 1/12 1ƒ12 of $3,450 (for 2018) or $3,500 (for 2019). If you have family coverage, the maximum monthly contribution is 1/12 1ƒ12 of $6,900 (for 2018) or $7,000 (for 2019). These limits are subject to cost-of-living cost−of−living increases. In addition, if you have attained age 55 before the close of the taxable year, the annual contribution limit is increased by an additional amount not to exceed $1,000 each year. The annual limit is decreased by aggregate contributions made to an Xxxxxx MSA and by any qualified HSA funding distributions from an XXX deposited into the HSA. If you become HSA-eligible after HSA−eligible aGer the beginning of the year, you may make a full year’s contribution up to the statutory contribution limit as long as you maintain eligibility during the testing period. The testing period begins the last month of the initial eligibility year and ends at the end of the 12-month 12−month period following that month. If you do not remain eligible during the testing period, you must include in your gross income the contributions made for the months that you were not otherwise eligible and pay a 10 percent penalty tax on the amount.