My wife and I are each self-employed in separate businesses. We have a HSA compatible insurance policy with family coverage. I already have an HSA. Can my wife also contribute to an HSA? If so, do we share the annual contribution cap or do we each have a separate cap?
R's, John
PS: If there is an IRS publication that I should have read that answers this question, feel free to remind me which one it is.
There are revenue notices and procedures issues regarding HSAs.
General answer: You share the family cap, but neither account may exceed the individual cap except when the sum of two individual caps does not equal the family cap (sometimes, it's $50 short).
Your joint return will have TWO Forms 8889 if each of you has a separate account. The instructions for the form should address your situation.
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