Can I Deduct My HSA Contributions in 2018 Tax Return? | HSA Awareness

Are you wondering if you can deduct your HSA contributions in your 2018 tax return? Let's dive into this topic to provide you with the information you need.

An HSA, or Health Savings Account, allows individuals to save pre-tax dollars for medical expenses. Contributions made to your HSA are tax-deductible, which means they can reduce your taxable income.

For the 2018 tax year, you can deduct your HSA contributions when filing your taxes, subject to certain limits and guidelines:

• For individuals: up to $3,450
• For families: up to $6,900
• If you are 55 or older, you can contribute an additional $1,000

It's important to note that to deduct your HSA contributions, you must meet the following criteria:

• You must be covered by a High Deductible Health Plan (HDHP)
• You cannot be claimed as a dependent on someone else's tax return
• You cannot have any other health coverage that is not an HDHP

When filing your 2018 tax return, you will need to report your HSA contributions on IRS Form 8889. This form will calculate the deduction you are eligible for based on your contributions and other relevant information.

By deducting your HSA contributions, you can lower your taxable income and potentially reduce your tax liability. Consult with a tax professional or use tax software to ensure you are correctly deducting your HSA contributions on your 2018 tax return.

When preparing your 2018 tax return, understanding the benefits of HSA contributions is crucial for maximizing your tax savings.