Can I Make 2017 HSA Contribution? - Understanding Health Savings Accounts

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How 2017 HSA contributions work

Health Savings Accounts (HSAs) are a great way to save money for medical expenses while also taking advantage of tax benefits. One common question that arises is whether you can make HSA contributions for the previous tax year, such as 2017.

When it comes to HSA contributions, there are specific rules and limitations that you need to be aware of:

• For the tax year 2017, you were allowed to make contributions to your HSA until the tax filing deadline, which is typically April 15 of the following year.
• Contributions made between January 1 and the tax filing deadline can be designated for the previous tax year if you specify accordingly.
• For 2017, the maximum contribution limits were $3,400 for individuals and $6,750 for families. Additional catch-up contributions of $1,000 were allowed for individuals age 55 or older.
• If you have an HSA-eligible high deductible health plan in place for the entire year, you are eligible to contribute the full amount allowed for that tax year.

Penalties and maximizing HSA benefits

It's important to note that contributions in excess of the allowable limits may incur penalties, so make sure to stay within the guidelines set by the IRS.

Overall, HSAs offer a valuable way to save for medical expenses with tax advantages, and understanding the rules for contributions can help you maximize the benefits of your account.

Health Savings Accounts (HSAs) not only allow you to save for immediate medical needs but also serve as a long-term savings tool, giving you the flexibility to make contributions for prior years, like 2017, until the tax deadline.