Can I Make Deposits to My HSA for the Previous Year?

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When previous-year HSA contributions are allowed

Yes, you can make deposits to your HSA for the previous year under certain conditions.

While the deadline to contribute to your HSA for a specific tax year is generally April 15 of the following year, there are exceptions that allow you to deposit funds after the previous year's deadline:

• If you had an HSA-eligible high deductible health plan (HDHP) for the entire previous year, you can make contributions up until the tax deadline, usually April 15.
• If you were not enrolled in an HSA-eligible HDHP for the full prior year, but you become eligible later on, you can still contribute for the period you were covered by the HDHP.
• Contributions made between January 1 and April 15 of the current year can be designated for the previous tax year, as long as you specify this when making the deposit.

Absolutely! You can deposit funds into your HSA for the past year as long as you meet specific criteria.

IRS annual limits for prior-year deposits

It's important to keep in mind the annual contribution limits set by the IRS when making deposits for the previous year. For 2021, the contribution limit for individuals is $3,600 and $7,200 for families.