Per IRS, in 2021, the contributions limits to your HSA accounts are $3,600 for IndividualCoverage and $7,200 for Family Coverage.

One of the advantages of putting money in your HSA account is that you may enjoy the tax benefits, but please note that if you don't follow the rules, contributions in excess of the limits are not tax-deductible and are generally subject to a 6% excise tax.

If you’ve contributed too much to your HSA, you can do one of two things:

  1. Complete the HSA Distribution Request form, indicating Excess Contribution Removal as the reason for the distribution request.

    Please download the form HERE.

  2. Leave the excess contributions in your HSA and pay 6% excise tax on excess contributions. Next year you may want to consider contributing less than the annual limit to you HSA to make up for the excess contribution during the previous year.

If you have any questions, please feel free to reach out to us via live-chat, email to support@twic.ai, or call us at 844-902-2902

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