Can I Contribute to HSA for 2018 Now?

Yes, you can still contribute to your Health Savings Account (HSA) for the 2018 tax year. Even though the tax year has ended, the IRS allows individuals to make contributions to their HSA up until the tax filing deadline, which for most people is April 15, 2019.

Contributions to an HSA for 2018 are tax-deductible, meaning you can lower your taxable income for the previous year by contributing to your HSA. This can result in savings on your tax bill.

It's essential to ensure you do not exceed the annual contribution limits set by the IRS. For 2018, the maximum contribution limits are $3,450 for individuals and $6,900 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Contributing to your HSA not only provides you with tax benefits but also allows you to save for future healthcare expenses. The funds in your HSA can be used to pay for qualified medical expenses tax-free, making it a valuable tool for managing healthcare costs.

Yes, you can still contribute to your Health Savings Account (HSA) for the 2018 tax year. The window for contributions remains open until you file your taxes, which typically is on or before April 15, 2019.

This means if you haven't maxed out your contributions yet, you still have a great opportunity to lower your taxable income and potentially save a bit on your tax bill.

Keep in mind, the contribution limits are $3,450 for individuals and $6,900 for families in 2018. If you're aged 55 or older, you have the added advantage of contributing an extra $1,000.

Contributing to your HSA not only offers immediate tax advantages, it also helps you build a nest egg for medical expenses down the line, as HSA funds can be utilized tax-free for qualified healthcare costs, making it a smart financial choice.