Can I Put Money Into HSA from My LLC? A Guide for Self-Employed Individuals

As a self-employed individual running your Limited Liability Company (LLC), you may be wondering if you can contribute to a Health Savings Account (HSA) from your LLC.

An HSA is a tax-advantaged savings account that allows individuals to save money for medical expenses. Here's what you need to know:

• HSAs are typically available to individuals who are covered by a High Deductible Health Plan (HDHP).
• If you are self-employed and have an LLC, you can contribute to an HSA as long as you meet the eligibility criteria.
• Contributions to an HSA can be made by either you as an individual or your LLC as your employer.
• Generally, contributions made by your LLC are considered employer contributions and are tax-deductible for the LLC.
• Contributions made by you as an individual are also tax-deductible, up to the annual HSA contribution limits set by the IRS.
• It's important to keep detailed records of HSA contributions made by your LLC to ensure compliance with tax laws.
• Consult with a tax advisor or financial professional to understand the specific rules and regulations governing HSA contributions from your LLC.

By contributing to an HSA from your LLC, you can enjoy tax benefits while saving for your healthcare expenses as a self-employed individual.

If you’re self-employed and running your LLC, you have the unique opportunity to contribute to a Health Savings Account (HSA), which is a fantastic way to save for future medical expenses while benefiting from tax advantages.