Can I Deposit into My HSA Before 12-31-2017 and Take Out After 2018?

Many individuals wonder about the flexibility of Health Savings Accounts (HSAs) when it comes to timing of contributions and withdrawals. The good news is that HSAs offer a unique advantage in this regard, allowing account holders to make a contribution before a certain date and withdraw funds at a later time.

Eligibility for making contributions: To make contributions to an HSA for a particular tax year, you need to meet the eligibility criteria for that year. Contributions are typically tax-deductible, and for 2017, the deadline to contribute is the tax filing deadline for that year, which is April 17, 2018.

Withdrawals from the HSA: When it comes to withdrawals, there is no time limit on when you can take money out of your HSA. This means you can deposit funds before the end of 2017 and withdraw them in 2018 or beyond, as needed, for qualified medical expenses.

Have you ever thought about how Health Savings Accounts (HSAs) provide flexibility when it comes to timing your contributions and withdrawals? It's true! You can deposit into your HSA before December 31, 2017, and still withdraw those funds in 2018 or later for eligible medical expenses.