Can I Still Contribute to an HSA for 2018 in 2019?

Yes, you can still contribute to your Health Savings Account (HSA) for the previous tax year even after the current year has begun. This unique feature of HSA allows individuals to maximize their contributions and tax savings.

Here are some key points to consider:

• The deadline for contributing to your HSA for the previous tax year is usually the same as the tax filing deadline, which is typically April 15th of the following year.
• To contribute for 2018 in 2019, you must have had an HSA-eligible health insurance plan in 2018. If you meet this requirement, you can make contributions up until the deadline.
• For 2018, the contribution limits were $3,450 for individuals and $6,900 for families. If you were eligible to make catch-up contributions (age 55 and older), you could contribute an additional $1,000.
• Contributions made between January 1st and the tax filing deadline can be classified as contributions for the previous tax year. You may need to specify the tax year for which the contribution is intended when making the deposit.

It’s essential to keep accurate records of your HSA contributions and tax filings to ensure compliance with IRS regulations. Consult with a tax advisor or financial planner for personalized guidance regarding your specific situation.

Yes, you can definitely contribute to your Health Savings Account (HSA) for the previous tax year even after the new year starts, which is a fantastic way to boost your tax benefits!