Can I Make a Contribution to My HSA for 2018 in 2019?

One common question regarding Health Savings Accounts (HSAs) is whether you can make a contribution for the previous year in the current year. The answer is yes, you have a bit of leeway when it comes to HSA contributions.

If you have an HSA and have not maxed out your contributions for the previous year, you can still make a contribution for that year until the tax deadline of the current year (usually April 15th). This means that you can make a contribution for the 2018 tax year in 2019 as long as you do so before the tax deadline.

It's essential to note that the contribution limits for each year still apply. For 2018, the contribution limit for individuals was $3,450 and for families, it was $6,900. If you are 55 or older, you were allowed an additional $1,000 catch-up contribution.

Here are some key points to remember when making HSA contributions:

• You have until the tax deadline of the current year to contribute for the previous year.
• Contribution limits for each year still apply.
• For 2018, the individual contribution limit was $3,450 and the family limit was $6,900.
• If you are 55 or older, you can make an additional $1,000 catch-up contribution.
• Consult with a tax professional or financial advisor for personalized advice.

Did you know that you can easily catch up on your Health Savings Account (HSA) contributions? If you still have room under the 2018 contribution limits, you can contribute to your HSA for 2018 even in the year 2019, just as long as you do it by the tax deadline!