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-   -   What happen when Medisave account hits the max? (https://forums.hardwarezone.com.sg/money-mind-210/what-happen-when-medisave-account-hits-max-5902812.html)

Nofear40 16-09-2018 06:57 PM

What happen when Medisave account hits the max?
 
Hi all, my SA account is still below the current $171k FRS, but my MA monthly contribution flows to my OA. Does anyone know why? I have done a 7k top up to SA this year. Not sure if I will still get income tax relief?

crimsontactics 16-09-2018 07:03 PM

Money flows to SA.

After SA max, money flow to OA.

Sent from . using GAGT

JuniorLion 16-09-2018 08:19 PM

Quote:

Originally Posted by Nofear40 (Post 116536876)
Hi all, my SA account is still below the current $171k FRS, but my MA monthly contribution flows to my OA. Does anyone know why? I have done a 7k top up to SA this year. Not sure if I will still get income tax relief?

This is strange. Can you show a screenshot of the statement?

BBCWatcher 16-09-2018 09:23 PM

Did you attempt to make a directed, Medisave-only cash top-up when your Medisave Account had already reached the Basic Healthcare Sum (BHS)?

maple96 16-09-2018 09:35 PM

Quote:

Originally Posted by Nofear40 (Post 116536876)
Hi all, my SA account is still below the current $171k FRS, but my MA monthly contribution flows to my OA. Does anyone know why? I have done a 7k top up to SA this year. Not sure if I will still get income tax relief?

If I can top-up means should be ok

Do you have cpfis SA account with balance?

henrylbh 16-09-2018 11:25 PM

Quote:

Originally Posted by Nofear40 (Post 116536876)
Hi all, my SA account is still below the current $171k FRS, but my MA monthly contribution flows to my OA. Does anyone know why? I have done a 7k top up to SA this year. Not sure if I will still get income tax relief?

Your eligible top-up of 7k (assuming no refund for excess top-up) to SA this year will only be granted tax relief against this year’s income to be submitted next year.

According to CPF, once your MA reaches BHS, your medisave savings will flow to either your SA or RA.

If the top-up does not bring your SA to 171k, then your monthly MA contribution (above BHS) should flow into your SA.

Nofear40 16-09-2018 11:39 PM

Quote:

Originally Posted by henrylbh (Post 116541359)
Your eligible top-up of 7k (assuming no refund for excess top-up) to SA this year will only be granted tax relief against this yearís income to be submitted next year.

According to CPF, once your MA reaches BHS, your medisave savings will flow to either your SA or RA.

If the top-up does not bring your SA to 171k, then your monthly MA contribution (above BHS) should flow into your SA.

I forgot my SA investment
With this, I hit FRS

JuniorLion 17-09-2018 06:06 AM

Quote:

Originally Posted by Nofear40 (Post 116541612)
I forgot my SA investment
With this, I hit FRS

Interesting. How did you do your SA investment?

Nofear40 17-09-2018 09:05 AM

Quote:

Originally Posted by JuniorLion (Post 116543126)
Interesting. How did you do your SA investment?

Unit trusts

henrylbh 17-09-2018 01:39 PM

Quote:

Originally Posted by Nofear40 (Post 116541612)
I forgot my SA investment
With this, I hit FRS

Like that, you may not be eligible for tax relief on your top-up.

"Only cash top-ups within the following caps, which are computed based on the current Full Retirement Sum (FRS) and the recipientís CPF savings, will be eligible for tax relief:

Below age 55 - Current FRS less the sum of Special Account (SA) savings and net SA savings withdrawn under CPF Investment Scheme for investments that have not been completely disposed of"


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