Can I Deduct HSA Contribution on my 2018 1040?

Yes, you can deduct HSA contributions on your 2018 Form 1040 if you meet the eligibility requirements set by the IRS. HSA contributions are tax-deductible, meaning that you can reduce your taxable income by the amount you contribute to your HSA.

To be eligible to deduct your HSA contribution on your 2018 tax return, you must:

• Be covered under a high-deductible health plan (HDHP) on the first day of the last month of the tax year.
• Not be enrolled in Medicare.
• Not be claimed as a dependent on someone else's tax return.

If you meet these requirements, you can deduct your HSA contributions on line 25 of Form 1040. The maximum contribution limits for 2018 are $3,450 for individuals and $6,900 for families.

Absolutely! If you meet the eligibility criteria set by the IRS, you can take advantage of HSA contributions deductions on your 2018 Form 1040. This means each contribution can help lower your taxable income, making it a fantastic way to save on taxes.