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

Check eligibility on the go — browse 7,000+ HSA-eligible products in the free app.

Can 2017 contributions fund 2018 HSA

Many people wonder if they can make HSA contributions in 2017 for their 2018 HSA. The short answer is yes, it is possible to contribute to your HSA for the next year, but there are certain conditions and limits to keep in mind.

If you're planning your finances, you might be curious about whether you can make contributions to your HSA in 2017 for your 2018 healthcare expenses. The answer is a resounding yes! But, let's break down some essential details you should know.

Contribution timing, eligibility, and annual limits

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. Here are some key points to consider:

• You can make contributions to your HSA until the tax deadline for the current year, which is usually April 15th of the following year.
• If you are eligible to have an HSA in both 2017 and 2018, you can contribute to your HSA in 2017 for the upcoming year.
• For 2017, the contribution limits are $3,400 for individuals and $6,750 for families. For 2018, these limits increase to $3,450 for individuals and $6,900 for families.
• Contributions made for the next year must be within the annual limits set by the IRS.
• Contributing to your HSA for the upcoming year can help you plan and save for future medical expenses.
• Keep track of your contributions to ensure you do not exceed the annual limits, as this can result in penalties.

Conclusion on meeting IRS guidelines

In conclusion, yes, you can make HSA contributions in 2017 for your 2018 HSA, but make sure to adhere to the IRS guidelines and contribution limits to fully enjoy the benefits of your HSA.