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1.
What is the last date on which contributions to an HSA account may generally be made for the current year?
April 15 of the next year. Contributions must be made no later than the deadline for filing your income tax return with no extensions allowed. For some years, however, the date may be slightly later than April 15.
2.
Which of the following tax advantages apply to health savings accounts?
All of the above.
3.
Individuals age 55 or older may contribute more to an HSA than a younger person.
True. Individuals age 55 or older are eligible to make "catch-up" contributions.
4.
If you do not have HSA-qualified coverage for the entire year, you may still contribute the maximum amount for the year no matter when your coverage begins or ends.
False. If you are not eligible for an HSA for the entire year, you may have to pro-rate your contributions. If you do not have HSA-qualified coverage on December 1, you cannot contribute the full annual amount under any circumstances.
5.
If your employer makes contributions to your HSA account, who decides how frequently your employer makes these contributions?
The employer. The company decides how frequently to make the contributions.