Can I Make HSA Contributions for 2018? - Everything You Need to Know

If you're considering making HSA contributions for 2018, you might have questions about the eligibility and rules surrounding this. Let's delve into the details to help you understand HSA contributions for the previous tax year.

Health Savings Accounts (HSAs) are a valuable tool for individuals and families to save for medical expenses while enjoying tax benefits. Here's what you need to know about making contributions for the year 2018:

For the tax year 2018, the deadline to make HSA contributions is usually the same as the tax filing deadline, which is typically April 15th of the following year.

Contributions made for the previous tax year must be done before the deadline for that year, even if you're filing your taxes later.

It's essential to ensure that you meet the eligibility criteria set by the IRS to make HSA contributions for a specific tax year. Here are a few key points to consider:

• Be covered by a High Deductible Health Plan (HDHP) for the full year.
• Not be enrolled in Medicare.
• Not be claimed as a dependent on someone else's tax return.

Remember that HSA contributions for a particular tax year cannot exceed the annual contribution limits set by the IRS. For 2018, the limits were $3,450 for individuals and $6,900 for families.

If you didn't max out your HSA contributions for 2018, you might still have an opportunity to do so if you're within the contribution limits and meet the eligibility requirements.

Consult with a tax professional or financial advisor to ensure that you're following the rules and maximizing the benefits of your HSA contributions for the tax year 2018.

If you’re looking to contribute to your Health Savings Account (HSA) for the 2018 tax year, understanding the contribution rules is essential. Let’s break down what you need to know.

Health Savings Accounts provide incredible advantages for those planning for future healthcare costs. Remember, you can only contribute to your HSA if you meet the IRS’s eligibility requirements.