Can I Still Fund My HSA for 2017 in 2018?

Many people wonder if they can still fund their Health Savings Account (HSA) for the previous year, like 2017, in the following year, such as 2018. The good news is that, in most cases, you can contribute to your HSA for the previous year as long as you do so before the tax deadline. Contributions made after the tax deadline will count towards the current tax year.

If you are looking to fund your 2017 HSA in 2018, here are some key points to keep in mind:

• HSAs offer tax advantages, including tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
• The deadline to contribute to your HSA for the previous year is typically the same as the tax filing deadline, which is usually April 15th.
• You can make contributions to your HSA for the previous year until the tax filing deadline, even if you have already filed your taxes.
• Contributions to your HSA can be made by either you or your employer, or a combination of both, as long as they do not exceed the annual contribution limits set by the IRS.
• For 2017, the annual contribution limits were $3,400 for individuals and $6,750 for families. If you are 55 or older, you could contribute an additional $1,000 as a catch-up contribution.

Overall, funding your HSA for the previous year in the following year is a valuable option to take advantage of if you have not maxed out your contributions. Make sure to consult with a tax professional or financial advisor for personalized advice based on your individual situation.

Many individuals often find themselves asking if they're still allowed to contribute to their Health Savings Account (HSA) for the previous year, such as 2017 in 2018. The answer is yes, as long as you fund it before the tax filing deadline. It's a smart way to maximize your savings!