Can You Catch Up on HSA Contributions After January 2017?

If you have a Health Savings Account (HSA) and are wondering about the rules for catching up on contributions after January 2017, you're in the right place. HSA allows individuals to save money for medical expenses tax-free.

For those who are 55 years or older, there is a catch-up provision that allows for additional contributions to be made to their HSA. This catch-up contribution amount is separate from the regular contribution limit set by the IRS.

As of 2021, individuals aged 55 and older can contribute an extra $1,000 per year as catch-up contributions. If you are married and both spouses are 55 or older, each spouse can make a catch-up contribution to their respective HSA accounts.

It's important to note that catch-up contributions must be made by the tax filing deadline, which is usually April 15 of the following year. This means that for the tax year 2021, catch-up contributions can be made until April 15, 2022.

If you have a Health Savings Account (HSA) and are curious about how to maximize your contributions after January 2017, you've landed in the right spot. HSAs are an excellent vehicle for saving money for qualified medical expenses on a tax-free basis.

For individuals aged 55 and older, there's a special provision that allows for additional contributions beyond the standard limits set by the IRS. It's a great way to boost your savings as you approach retirement.

As of 2021, if you're 55 or older, you can contribute an additional $1,000 annually to your HSA as a catch-up contribution. This is a fantastic opportunity to enhance your tax-advantaged savings.

Moreover, if you're married and both partners are 55 or older, each can enjoy this catch-up privilege in their respective HSAs. Teamwork really does pay off in this scenario!

Remember, catch-up contributions need to be submitted before the tax filing deadline, which is generally April 15 of the following year. Consequently, for the 2021 tax year, you have until April 15, 2022, to make those contributions.