"AskTony" column archive

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Medical savings account contribution

originally posted: 11/22/2006 reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email asktony@tonynovak.com.

Q: I have a family medical savings account, my daughter needs braces. What is the maximum amount I can put in my medical savings account for the tax year?

A: Assuming that you were covered for the full 12 months of 2006 and that you earn more than the amount of the contribution, you can contribute 75% of the amount of your qualifying health insurance policy deductible to a Medical Savings Account. You can increase the contribution to 100% of the policy deductible plus a possible additional catch-up contribution (depending on your age) simply by converting the Medical Savings Account to a Health Savings Account. Most plan administrators will do this at no charge.

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