Can I Make Retroactive Contributions to My HSA If I Didn't Have One in 2018?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you didn't have an HSA in 2018, you may be wondering if you can make retroactive contributions. The good news is that you can contribute to an HSA for a previous tax year as long as you meet certain requirements.

To make retroactive contributions to your HSA for 2018, you need to:

• Be eligible to contribute to an HSA for 2018
• Have not exceeded the annual contribution limit for 2018
• Make the contribution by the tax filing deadline for the year (usually April 15th of the following year)

It's important to note that you cannot claim a tax deduction for retroactive HSA contributions on your original tax return. Instead, you will need to file an amended tax return to include the contributions and claim the deduction.

HSAs offer a range of benefits, including:

• Tax-deductible contributions
• Tax-free earnings
• Tax-free withdrawals for qualified medical expenses

By contributing to an HSA, you can save for future medical expenses while reducing your taxable income.

Did you know that Health Savings Accounts (HSAs) allow you to catch up on contributions even if you were not enrolled back in 2018? Yes, retroactive contributions are indeed possible!