Can I Make an HSA Contribution in 2018 for 2017 and How to Report it in TurboTax

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Making prior-year HSA contributions by deadline

Contributing to a Health Savings Account (HSA) is a great way to save for medical expenses while enjoying tax benefits. But what if you want to make an HSA contribution in 2018 for the previous year, 2017? The answer is yes, you can contribute to your HSA for the prior year until the tax filing deadline, which is usually April 15. However, you need to specify that the contribution is for the previous tax year.

Did you know that contributing to a Health Savings Account (HSA) not only helps you save for medical expenses but can also provide significant tax advantages? If you're looking to make an HSA contribution for the year 2017 in 2018, you're in luck; you can do so until the tax deadline, which is generally April 15. Just make sure to indicate that it's for the 2017 tax year when you contribute.

Reporting prior-year HSA contribution in TurboTax

When it comes to reporting this contribution in TurboTax, here's what you need to do:

• Log in to your TurboTax account.
• Go to the federal section.
• Choose the section for Health Savings Accounts (HSAs).
• Enter the total amount you contributed to your HSA for the previous year.
• Indicate that the contribution is for the previous tax year, in this case, 2017.
• Follow the prompts to complete the reporting of your HSA contribution.

By following these steps, you can ensure that your HSA contributions are accurately reported in TurboTax for the correct tax year.