Last Minute Tax-Deduction Tip for 2014

Apr 8th, 2015

Want a last minute tax deduction? If you have a Health Savings Account and haven’t contributed the maximum for 2014 you have until April 15th to do so.

HSA participants can make tax-deductible contributions to their accounts up to a federal limit. You can use HSA funds to pay current and future eligible medical expenses, including deductibles and coinsurance.

For the 2014 tax year you can make tax-deductible contributions to your HSA of up to $3,300 if you are the only one covered, or if you have family coverage you can contribute up to $6,550. If you are 55 years old or older, you can make an additional contribution of up to $1,000 for 2014.

For Eli Lilly employees, Lilly makes a contribution to your HSA of $800 for employee only and $1,600 for employee + 1 or more. The maximum amount that can be contributed is the same as listed above. Therefore, the maximum amount you can contribute is $2,500 if you cover only yourself or $4,950 if you cover yourself and any eligible dependents.

You may choose to make contributions to your HSA by writing a personal check or completing an electronic transfer. If you are a Lilly employee you can access your health savings account at www.benefitwallet.com

Go double check your HSA and if you haven’t maxed it out for 2014 login and transfer some funds and save some tax money.


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