Can I Open an HSA in 2019 and Make 2018 Contributions?

Many people often wonder whether they are allowed to open a Health Savings Account (HSA) in the current year and contribute towards the previous year. The short answer to this question is Yes, you can open an HSA in 2019 and make contributions for the 2018 tax year.

When it comes to contributing to your HSA for the previous year, there are certain rules and limitations you need to be aware of:

• You can make contributions to your HSA for the previous year up until the tax filing deadline, typically April 15th of the following year.
• For the 2018 tax year, the deadline for contributions is April 15, 2019.
• Contributions made towards the previous year must be designated as such, clearly indicating that they are for the prior tax year.
• It's important to check with your HSA provider to ensure they allow contributions for the previous year and to follow any specific instructions they have in place.

So, while the window for making contributions towards the previous year is limited, it is possible to open an HSA in 2019 and contribute towards the 2018 tax year if you meet the deadline and requirements set forth by the IRS.

It's a common misconception that you can only contribute to an HSA for the current year; however, you actually have the flexibility to open a Health Savings Account (HSA) in 2019 and contribute to your 2018 tax year. This can be a fantastic way to maximize your tax advantages.