Can I Contribute to an HSA in 2018 for 2017?

Are you wondering if you can contribute to an HSA in 2018 for the previous tax year, 2017? The answer is no, you cannot contribute to an HSA for a previous tax year once that year has ended.

Health Savings Accounts (HSAs) are tax-advantaged accounts that are tied to high-deductible health plans (HDHPs). HSA contributions must be made during the tax year for which they are designated. If you want to contribute to your HSA for a specific tax year, you must do so during that calendar year or by the tax filing deadline, usually April 15 of the following year.

However, there is a small window of opportunity for making HSA contributions for the previous tax year if you are eligible for an HSA and had an HDHP. If you were eligible for an HSA for the entire previous tax year but did not open an account, you can still open an HSA account and make contributions for the previous year by the tax filing deadline.

It's essential to keep track of your HSA contributions and ensure that you are contributing for the correct tax year to maximize the tax benefits and avoid any penalties. Remember that HSA contributions can help you save on taxes, grow your savings tax-free, and use the funds for qualified medical expenses.

Curious if you can contribute to your Health Savings Account (HSA) for the tax year 2017 while in 2018? Unfortunately, once a tax year closes, contributions to HSAs are not permitted for that prior year.