HSA Pre-Tax Contribution - Retiree

 

Questions:

I am a retiree receiving a TCRS pension check.  Can I have my HSA contributions deducted from my TCRS pension check pre-tax?

Answer:

No.  HSA contributions may not be deducted pre-tax from your TCRS pension check.

Alternative Solution:

However, you can contribute post-tax and take an “above the line” tax deduction on next year’s taxes when you file them.   It’s the same result as if you had been able to have the contributions taken from your TCRS pension check pre-tax.   You can claim your deductions on line 25 of your IRS Form 1040, and you will need to also file Form 8889 (as everyone with an HSA is required to do.)  You will have the same tax savings and net result.

NOTE:  We are not tax consultants.  Please consult your certified public accountant for advice and more information.

HSA PayFlex Automatic Deduction from checking or savings account:

Additionally, you may set up your HSA PayFlex deduction and link to your checking or savings account for an automatic withdrawal. Here are some instructions surrounding that process:

Log in to PayFlex HSA > Financial Center > Select Account (drop down menu) and choose Health Savings Account.  On the lower left select “Make an HSA Deposit.”  Fill out the information needed to link your checking account and set up the start (origination) date, amount, and frequency.

Should you have questions on how to set up the recurring debits from your checking account to go into your HSA, please call PayFlex customer service at 855-288-7936 for assistance.

 

 

 

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