Can I Make HSA Contributions for 2017 in 2018?

If you are wondering whether you can make HSA contributions for the previous year in the current year, you are in the right place. Many individuals often have questions about the flexibility of contributing to their Health Savings Account (HSA) and the timing involved. Here is a detailed guide to help you understand the rules and regulations surrounding HSA contributions.

The short answer to the question is yes, you can contribute to your HSA for the previous year until the tax filing deadline for that year. Let's delve deeper into the specifics of HSA contributions:

Here is what you should know about making HSA contributions for the previous year in the current year:

• You can contribute to your HSA for the previous year until the tax filing deadline for that year, which is usually April 15th of the following year.
• For example, you can make contributions for the 2017 tax year until April 15, 2018.
• Contributions made between January 1st and the tax filing deadline count towards the previous year's contribution limit.
• It's essential to keep accurate records of your contributions to ensure you stay within the annual contribution limits set by the IRS.

Contribution limits for HSAs are set annually by the IRS. For 2017, the contribution limits were $3,400 for individuals and $6,750 for families. It's important to stay informed about the current year's limits to maximize your HSA benefits.

By understanding the rules and deadlines for HSA contributions, you can make informed decisions about maximizing the potential tax benefits of your HSA. Consulting a financial advisor or tax professional can also provide valuable guidance tailored to your individual situation.

If you're exploring HSA contributions for 2017 in 2018, you're not alone. Many people don't realize that they can still make contributions to their Health Savings Account (HSA) from the previous year, which can be a valuable way to boost your savings and tax benefits.