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“When setting up automatic withdrawals from my paycheck, is it possible to simply state, ‘Deposit all remaining income into my HSA account’?
Are there any restrictions or specific wording requirements I should be aware of when making such a request to ensure it is processed correctly?
I would love to hear if anyone has had experience with this or knows the best approach.”
SteveIt depends on the payroll system and what it allows.
I’ve never worked anywhere that supported having your HSA be the final account.(Usually because there’s an annual limit and nobody is going to figure out if you hit it every paycheck and what to do with anything left over.)
ShawnYou probably wouldn’t do that because you will hit the limit pretty fast.
CarrieNew job? In my experience, there will be a system/program to go through where you put a dollar amount to all payroll deductions.
HSA has an annual limit so you would pick a dollar amount per paycheck that won’t put you over the limit by the end of the year.
The left over amount after all your deductions wold be what goes to you bank account.
TrinhPayroll can do that as long as it is a fix amount. If the number keeps jumping up and down, it takes a lot of time of staff.
That will be a headache if the company has a few employees doing the same.
KevinYes. Should be able to allocated exactly how much you want into your HSA upto the limit
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