Question

Tom’s wife, janet, has an hdhp through her employer; therefore, she is allowed to contribute to an hsa. tom also has an hdhp through his employer and he contributes to his hsa. tom has a family plan for him and his daughters. janet has an individual plan. what is most likely the maximum amount that tom and janet can contribute to their hsas in 2022?

Answer 1

In 2022, Janet can contribute up to $3,650 to her HSA for her individual plan, while Tom can contribute up to $7,300 for his family plan, totalling a combined maximum amount of $10,950.

Step-by-step explanation:

In 2022, the maximum amount that individuals with a High Deductible Health Plan (HDHP) can contribute to a Health Savings Account (HSA) is set by the Internal Revenue Service (IRS). For an individual plan like the one Janet has, the maximum contribution limit is $3,650. Since Tom has a family plan, his limit is higher, at $7,300. Combined, assuming they are both under 55 years of age, Tom and Janet can contribute a total of $10,950 to their HSAs in 2022. If they are 55 or older, they are also eligible for an additional catch-up contribution of $1,000 each.

Answer 2

Tom and Janet can contribute a combined total of $10,950 to their HSAs in 2022, with Tom contributing $7,300 for his family plan and Janet contributing $3,650 for her individual plan.

Step-by-step explanation:

The most likely maximum amount that Tom and Janet can contribute to their HSAs in 2022 is $7,300 for Tom's family plan and $3,650 for Janet's individual plan, totaling $10,950.

Explanation: In 2022, the IRS allows individuals with a High Deductible Health Plan (HDHP) to contribute up to $3,650 for individual coverage and up to $7,300 for family coverage to a Health Savings Account (HSA). Since Tom has a family plan, he is permitted to contribute the higher amount.

On the other hand, Janet, with individual coverage, can contribute up to the individual limit. These contributions are pre-tax, which means they can provide tax savings and help with medical costs. It's important to note that these limits are subject to annual inflation adjustments, and any contributions made by an employer would count towards these limits.