A Health Savings Account (HSA) has yearly contribution limits set by the Internal Revenue Service (IRS). For the 2024 tax year, the limit is $4,150 for individuals and $8,300 for family plans. For the 2025 tax year, the limit is $4,300 for individuals and $8,550 for family plans.
If your HSA has excess contributions, the funds are not tax deductible and need to be reported as income tax and are generally subject to a 6% excise tax.
For pre-tax HSA contributions within the current tax year (e.g., 2024):
The contributions may need to be removed by your employer by having them complete the 'HSA Employer Contribution Correction Request form.'
If your employer is unable to complete this form, please fill out the 'Distribution of Excess HSA Contribution’ form.
For post-tax HSA contributions within the current tax year (e.g., 2024):
Fill out and submit the 'Return of Mistaken HSA Contribution’ form.
Fill out the 'Distribution of Excess HSA Contribution Form' if your post-tax contribution was made two or more years prior.
Finding and filling out forms:
To find the ‘Distribution of Excess HSA Contribution’ and ‘Return of Mistaken HSA Contribution’ forms online:
Navigate to your account dashboard by clicking on the Home button at the top of the page.
Click on General Forms under the ‘Manage Account’ section.
Click on the Online Forms button.
Click on the Contributions tab.
Locate and click on which form you need to fill out.
Fill out the form and enter any required information.
Type out your name at the end and click Submit.
Note: It takes three business days to process the form.
HealthEquity does not provide legal, tax or financial advice.