HSA Guide
Can I Deposit in HSA for 2018? A Comprehensive Guide
Published May 16, 2022
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Get the app2018 HSA contribution deadline extension
Are you wondering if you can still deposit money into your HSA for the year 2018? The good news is that the deadline to make contributions to your Health Savings Account (HSA) for the 2018 tax year has been extended until Tax Day in 2019. This means you have until the tax filing deadline, typically April 15th, 2019, to make contributions for the previous year.
Still contemplating whether to contribute to your Health Savings Account (HSA) for the year 2018? Youâre in luck! The IRS has extended your opportunity to make contributions until Tax Day, which was April 15th, 2019, allowing you to save even more on taxes while preparing for future healthcare costs.
Tax advantages and key contribution details
Contributing to your HSA can offer you significant tax advantages and help you save for future medical expenses. If you are eligible to contribute to an HSA, it's a smart financial move to maximize your contributions each year. Here are some key points to consider:
- You can contribute up to a certain limit set by the IRS each year. For 2018, the contribution limit for individuals is $3,450 and for families is $6,900.
- If you are over the age of 55, you can make an additional catch-up contribution of $1,000 per year.
- Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by contributing to your account.
- The funds in your HSA can be invested and grow tax-free, and withdrawals for qualified medical expenses are also tax-free.
Must be made by tax filing deadline
It's important to note that contributions to your HSA must be made by the tax filing deadline to count for the previous year. Make sure to consult with a financial advisor or tax professional to understand your eligibility and contribution limits for your HSA.