Can I Contribute to My 2018 HSA in 2019?

One common question many individuals have is whether they can contribute to their 2018 Health Savings Account (HSA) in 2019. The answer to this question depends on various factors, including your eligibility, contribution limits, and tax implications.

Here's what you need to know about contributing to your 2018 HSA in 2019:

• Contribution Deadline: You have until the tax filing deadline for the previous year to make contributions to your HSA. For example, for the 2018 tax year, you have until April 15, 2019, to contribute to your HSA.
• Contribution Limits: The annual contribution limits for HSAs in 2018 were $3,450 for individuals and $6,900 for families. If you have not reached these limits in 2018, you can still make contributions in 2019 up to the maximum allowed amount.
• Tax Benefits: Contributions to your HSA are tax-deductible, meaning you can reduce your taxable income for the year. This can result in potential tax savings and help you save for future medical expenses.

It's important to remember that contributions to your HSA must be made with after-tax dollars, and you must have been covered by a high-deductible health plan (HDHP) to be eligible to contribute to an HSA. Additionally, any contributions made in excess of the annual limits may be subject to penalties.

If you have any questions about contributing to your 2018 HSA in 2019, consider consulting with a financial advisor or tax professional for personalized guidance.

Many people wonder if they can still contribute to their Health Savings Account (HSA) from the previous year. For instance, if you have a 2018 HSA, the good news is that you can contribute to it in 2019 if you meet certain criteria.