Taxes - CY14
Oct 9, 2015 23:12:47 GMT -5
Post by sportsfroma2 on Oct 9, 2015 23:12:47 GMT -5
Did I just do a major fuck up for my 2015 Income Taxes? sorry, long read
back story:
last year, before open enrollment, I decided to have lasik consults done, so if I was a good candidate, I can elect the appropriate $$ into a FSA/HSA (depending on which insure plan I chose, since we have choices of HDHPs or not). I've done FSA's in the past always, never started a HSA.
For 2015, I elected to go with a HDHP, and also elected to contribute the IRS max into my HSA, $3350 (which the employer contributes 650 of), so 2700 will be removed via payroll deduction over the 26 pay periods. Benefit year starts Jan 1st.
I had Lasik about 3 weeks ago, but my HSA Balance wasn't yet maxed out (since the year isn't done yet), so rather than ask for a reimbursement from my HSA account at every pay period, I funded the remaining amount to the max with my money (I was told that through their statements and what is reported to the IRS, it'll get adjusted when I file so that my post-tax contribution will still "count" like it was pre-tax) when I do my taxes for 2015.
So that's done, it's been funded, and the reimbursement request was submitted and the 3350 has already been deposited into my account, HSA balance is zero and they're going to close my account by force, ok I guess. all done with them anyway.
Well, I've decided to take on a new job opportunity at another company, starting there in a couple of weeks.
Since I was not part of this HSA for the entire year, what happens?
I haven't been given all the benefit info yet for my new place, so I'm not sure what type of insurance I will have, I know I have like 6 options. Reading through the IRS publications, I think that I have to be in a HDHP on December 1, 2015 to qualify for the entire year?
www.irs.gov/publications/p969/ar02.html#en_US_2014_publink1000204025
So if the HDHP plan with a HSA option exists, then I should be okay to select that for the rest of this year, i'll meet that requirement and nothing would change? and would I just have to pay a penalty? OR since it was a qualified medical distribution, it's all good?
What if there is not a HDHP or if it's not the best health plan offered? Do I fail for qualification of the entire year or some pro-rated amount of the year? IF they offer an FSA, would I qualify to contribute a few $$ in there for the rest of the year also?
Everything I've read, ex:
www.forbes.com/sites/christinalamontagne/2015/07/13/my-employer-offers-both-hsa-and-fsa-whats-the-difference-and-which-should-i-use/
states you can't have both and HSA and a FSA, but I think they're talking concurrently...
Since my scenario is HSA @ Job1,quit job 1, then FSA @ job 2 (no overlapping coverage) - would it be OK or will it further complicate things?
Sorry I've tried reading the IRS publications and Its not quite "clicking" for me.... I know there's not much that can be done with the 1st part of this (did I over-fund based on a prop-rated amount since I will not be there for the entire year?) . I just don't want to make things worse by selecting a FSA for the remainder of the year IF I'm not allowed to
Thanks
back story:
last year, before open enrollment, I decided to have lasik consults done, so if I was a good candidate, I can elect the appropriate $$ into a FSA/HSA (depending on which insure plan I chose, since we have choices of HDHPs or not). I've done FSA's in the past always, never started a HSA.
For 2015, I elected to go with a HDHP, and also elected to contribute the IRS max into my HSA, $3350 (which the employer contributes 650 of), so 2700 will be removed via payroll deduction over the 26 pay periods. Benefit year starts Jan 1st.
I had Lasik about 3 weeks ago, but my HSA Balance wasn't yet maxed out (since the year isn't done yet), so rather than ask for a reimbursement from my HSA account at every pay period, I funded the remaining amount to the max with my money (I was told that through their statements and what is reported to the IRS, it'll get adjusted when I file so that my post-tax contribution will still "count" like it was pre-tax) when I do my taxes for 2015.
So that's done, it's been funded, and the reimbursement request was submitted and the 3350 has already been deposited into my account, HSA balance is zero and they're going to close my account by force, ok I guess. all done with them anyway.
Well, I've decided to take on a new job opportunity at another company, starting there in a couple of weeks.
Since I was not part of this HSA for the entire year, what happens?
I haven't been given all the benefit info yet for my new place, so I'm not sure what type of insurance I will have, I know I have like 6 options. Reading through the IRS publications, I think that I have to be in a HDHP on December 1, 2015 to qualify for the entire year?
www.irs.gov/publications/p969/ar02.html#en_US_2014_publink1000204025
So if the HDHP plan with a HSA option exists, then I should be okay to select that for the rest of this year, i'll meet that requirement and nothing would change? and would I just have to pay a penalty? OR since it was a qualified medical distribution, it's all good?
What if there is not a HDHP or if it's not the best health plan offered? Do I fail for qualification of the entire year or some pro-rated amount of the year? IF they offer an FSA, would I qualify to contribute a few $$ in there for the rest of the year also?
Everything I've read, ex:
www.forbes.com/sites/christinalamontagne/2015/07/13/my-employer-offers-both-hsa-and-fsa-whats-the-difference-and-which-should-i-use/
states you can't have both and HSA and a FSA, but I think they're talking concurrently...
Since my scenario is HSA @ Job1,quit job 1, then FSA @ job 2 (no overlapping coverage) - would it be OK or will it further complicate things?
Sorry I've tried reading the IRS publications and Its not quite "clicking" for me.... I know there's not much that can be done with the 1st part of this (did I over-fund based on a prop-rated amount since I will not be there for the entire year?) . I just don't want to make things worse by selecting a FSA for the remainder of the year IF I'm not allowed to
Thanks