Can I Deduct the Money I Put into a HSA for 2017?

If you are wondering whether you can deduct the money you put into a HSA (Health Savings Account) for the year 2017, the short answer is yes, you can deduct your contributions to an HSA on your tax return for the tax year 2017.

Here are some key points to consider:

• Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to your HSA.
• For the tax year 2017, the maximum annual contribution limit for individuals is $3,400 and $6,750 for families.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• To be eligible to contribute to an HSA, you must be covered by a high-deductible health plan (HDHP).

It's important to keep in mind that HSA contributions must be made by the tax filing deadline in April to be applied to the previous tax year.

By taking advantage of the tax benefits of an HSA, you can save money on healthcare expenses and secure your financial future.

If you're trying to determine whether you can deduct contributions made to your HSA (Health Savings Account) for the tax year 2017, rest assured the answer is yes – these contributions are indeed tax-deductible!

Here are some important details to keep in mind:

• By contributing to an HSA, you're given the opportunity to lower your taxable income, which can lead to a potential tax break come filing season.
• The contribution limits for the year 2017 are capped at $3,400 for individuals and $6,750 for families, helping families save even more.
• If you’re over 55, you can add an extra $1,000 to your HSA as a catch-up contribution, allowing for greater savings.
• Remember, you need to have a high-deductible health plan (HDHP) in order to be eligible for making these contributions to an HSA.

Lastly, don't forget: contributions for 2017 need to be made before the April tax filing deadline to count for that tax year. Making the most of your HSA can provide you with incredible savings on healthcare costs while boosting your financial future.