Can I Still Contribute to 2018 HSA in 2019? - Understanding HSA Contribution Rules

Many individuals often wonder whether they can still contribute to their Health Savings Account (HSA) for the previous tax year in the current year. The good news is that you can contribute to your 2018 HSA even in 2019, but there are specific rules and limitations you need to be aware of.

Contributing to your HSA for the previous year can be beneficial if you missed the contribution deadline or if you want to maximize your tax savings. Here's what you need to know:

• For the tax year 2018, you are allowed to contribute to your HSA until the tax filing deadline in 2019, which is typically April 15th.
• The contribution limits for 2018 are $3,450 for individuals and $6,900 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Contributions made between January 1 and the tax filing deadline can be designated for the previous tax year, as long as you specify this when making the contribution.
• Make sure to inform your HSA administrator that your contribution is for the previous year to ensure it is applied correctly.

It's essential to keep accurate records of your HSA contributions and designate any late contributions for the correct tax year to avoid any potential IRS penalties. By understanding the rules around contributing to your 2018 HSA in 2019, you can make the most of your HSA benefits and tax advantages.

If you're looking to maximize your tax benefits, contributing to your Health Savings Account (HSA) for the previous year can be a strategic move, especially if you've had unexpected medical expenses or just didn't get a chance to contribute earlier.