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1.
Individuals age 55 or older may contribute more to an HSA than a younger person.
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True. Individuals age 55 or older are eligible to make "catch-up" contributions.
2.
If both your and your employer's contributions to your health savings account do not add up to the maximum amount you are allowed to contribute, you can still contribute more on your own, up to the limit allowed.
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True. You may still contribute until you reach the limit.
3.
What is the last date on which contributions to an HSA account may generally be made for the current year?
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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.
4.
If your employer makes contributions to your HSA account, who decides how frequently your employer makes these contributions?
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The employer. The company decides how frequently to make the contributions.
5.
If you contribute to your health savings account via payroll deductions at work, which of the following situations will occur?
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No income tax or FICA tax on the contributed amount. This is a benefit of making contributions through your workplace. If you contributed outside of work, you would get only the income tax reduction and not the FICA reduction.