Can I Still Contribute to 2020 HSA? - Your Guide to HSA Contributions

If you're wondering whether you can still contribute to your 2020 Health Savings Account (HSA), the answer is yes! Understanding your options for contributions to your HSA can help you make the most of this valuable financial tool.

For 2020, the contribution deadline for HSAs is typically the tax filing deadline, which was extended to May 17, 2021. Here's what you need to know:

• You can contribute to your HSA for the 2020 tax year until the tax filing deadline, usually April 15, but extended to May 17, 2021, for 2020 contributions.
• For individuals, the maximum contribution limit for 2020 is $3,550, and for families, it's $7,100. If you're 55 or older, you can contribute an additional $1,000 as a catch-up contribution.
• Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by contributing to your HSA.
• Contributions can be made through employer payroll deductions or directly to your HSA account provider.
• Unused HSA funds roll over from year to year, unlike Flexible Spending Accounts (FSAs), making HSAs a valuable long-term savings tool for healthcare expenses.
• Consult with your tax advisor or financial planner to determine the best strategy for maximizing your HSA contributions and potential tax benefits.

Contributing to your 2020 HSA can offer tax advantages and help you save for current and future healthcare expenses. Take advantage of this opportunity to secure your financial well-being.

Did you know that you can still contribute to your HSA for the 2020 tax year? Yes, indeed! As long as you act before the deadline of May 17, 2021, you can make the most of your Health Savings Account.