"Mark Freeland" <BnetOnewsX[at]sbcglobal.net> wrote:
- quote -

Thanks for all who helped. Since we had a "joint" or family
high deductible policy, I did not know if we had to have a
joint account. Interesting how much dumb stuff is floating
around by people who should know better. As I mentioned two
(rather large) banks indicated I had to have one account.
Two said they only offered money markets and no mutual funds
because the accounts are such that you are supposed to spend
all the money every year. Most of this was from HQ and the
HSA 800 number and not just an indication of confusion at
the Branch.

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"Kurt Ullman" <kurtullman[at]yahoo.com> wrote:

- quote -

No problem.

Each spouse is an eligible individual. "To be an eligible
individual ...
* You have a high deductible health plan ...
* You have no other health coverage except what is
permitted ...
* You are not enrolled in Medicare ...
* You cannot be claimed as a dependent on someone else's
[] tax return
http://www.irs.gov/publications/p969/ar02.html#d0e210

You and your spouse each meet the first requirement (HDHP),
under the "Rules for married people. If either spouse has
family coverage, both spouses are treated as having family
coverage."
http://www.irs.gov/publications/p969/ar02.html#d0e562

Now that we've established that each of you is eligible and
can own a separate HSA, we just need to check on the catch
up provisions: "If both spouses are 55 or older and not
enrolled in Medicare, each spouse's contribution limit is
increased by the additional [catch up] contribution." (same
citation, a few lines down).

Don't rely on the 2006 Pub 969 for the family contribution
limits. These were changed for 2007:
"The following new rules apply to health savings accounts
for 2007. For details on these changes, see Pub 554,
Highlights of 2006 Tax Changes ... Your contributions to
your HSA are no longer limited to your annual health plan
deductible."
http://www.irs.gov/publications/p969/ar01.html#d0e26

Basic idea is that you have $5,650 for a family that can be
split any way you like between the two spouses. Then each
spouse can add an extra $800 catch up amount. These figures
are for 2007 only.
http://www.irs.gov/publications/p553/ch01.html#d0e1626 (2007 limits)

The Pub 969 rules for married people (cited above) states
that "the contribution limit is split equally between the
spouses unless you agree on a different division." In other
words, split the $5,650 any way you like.

Mark Freeland
BnetOnewsX[at]sbcglobal.net

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Kurt Ullman <kurtull...[at]yahoo.com> wrote:

- quote -


Publication 969 - Main Contents

Each spouse who is an eligible individual who wants an HSA
must open a separate HSA. You cannot have a joint HSA.

Milt Baker CPA

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Kurt Ullman wrote:

- quote -

Go to:
http://www.treasury.gov/offices/publ...aq_setup.shtml

Answers to questions 6 & 7 confirm what your CPA says.


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We have a family qualifying health policy, but my CPA
suggested that we get separate HSA Accounts for my wife and
I. Basically he says that the 55+ catch- up money is per
account and per person.

Any problems with that? My CPA doesn't think so, but 2 of 4
banks I talked to about this think it might be, one is all
for it (probably for the double fees) and the other quite
frankly told me they did not know (I may go with them just
for their honesty.)

So, anyone out there have a place I could go get something
definitive?

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >