Can I Make HSA Contributions in 2017 for My 2018 HSA?

When it comes to Health Savings Accounts (HSAs), it's essential to understand the rules regarding contributions and when they can be made. One common question that arises is whether it's possible to make HSA contributions in 2017 for the following year, 2018. Let's delve into this topic to provide clarity on this matter.

For HSA contributions, the key thing to remember is that they are based on the calendar year. This means that you can only contribute to your HSA for a specific year during that year. For instance, contributions made in 2017 are applicable for the 2017 tax year. If you're looking to make contributions for 2018, you'll need to wait until that year begins.

Here are some important points to consider:

• Contributions for a particular year can only be made during that year.
• HSA contribution limits may vary from year to year, so it's crucial to stay updated on the current limits.
• Contributions made by the tax filing deadline can be attributed to the previous tax year.
• Employer contributions to your HSA count towards the annual limit and should be factored in when making personal contributions.

It's important to note that while you cannot make contributions for your 2018 HSA in 2017, you can still prepare for it. Starting January 1, 2018, you will have the full year to contribute to your HSA and maximize your tax benefits.