Can I Make HSA Contributions in 2018 for 2017? Explained

Many individuals often wonder whether they can make HSA contributions in 2018 for the previous year, 2017. The answer to this question is both yes and no, depending on specific circumstances you fall under.

If you had an HSA-eligible High Deductible Health Plan (HDHP) in 2017, you have until Tax Day of the following year (usually April 15) to contribute to your HSA for the previous tax year. This means you can contribute to your HSA for the 2017 tax year until Tax Day 2018.

However, if you did not have an HSA-eligible HDHP in 2017, you cannot make HSA contributions for that year in 2018. It is essential to meet the eligibility criteria and have an HSA-qualified health plan to make contributions for a specific tax year.

It is crucial to understand the rules and guidelines regarding HSA contributions to maximize the benefits of this tax-advantaged account. Consult with a financial advisor or tax professional to ensure you are making contributions within the allowable limits and for the correct tax year.

Many individuals often ask, 'Can I still make HSA contributions for a prior year?' If you had an HSA-eligible High Deductible Health Plan (HDHP) in 2017, you're in luck! You can indeed contribute to your HSA for 2017 until Tax Day of 2018, typically April 15.