Can I Make a 2019 HSA Contribution in 2020?

One common question that many individuals have is whether they can make a Health Savings Account (HSA) contribution for the previous year in the current year. So, can you make a 2019 HSA contribution in 2020?

The short answer is yes, you can contribute to your HSA for the prior tax year till the tax filing deadline, typically April 15th of the following year. This means that for the 2019 tax year, you can make contributions up until April 15, 2020.

Contributing to your HSA not only helps you save on taxes but also allows you to build a fund for future medical expenses. Here are some key points to consider:

• You can contribute up to the IRS annual limit for the tax year. For 2019, the limit for individuals is $3,500 and $7,000 for family coverage.
• If you are above 55 years old, you can make an additional catch-up contribution of $1,000.
• Contributions to your HSA are tax-deductible and grow tax-free, making it a valuable savings tool for healthcare costs.

It's important to keep track of your contributions and ensure you meet the eligibility criteria for an HSA. Consult with a tax advisor or financial expert to maximize the benefits of your HSA contributions.

If you're wondering about contributions to your Health Savings Account (HSA) after the tax year has ended, you’ll be pleased to know that you can still make contributions for the past year. Yes, you can definitely make a 2019 HSA contribution in 2020 up until the tax deadline.