Can You Contribute to 2019 HSA in 2018 Tax Year?

One common question that arises for individuals with Health Savings Accounts (HSAs) is whether they can contribute to the 2019 HSA in the 2018 tax year. The answer is yes, as long as you meet certain requirements.

Contribution limits for HSAs are set annually by the IRS. For 2019, the individual contribution limit is $3,500 for self-only coverage and $7,000 for family coverage. If you're eligible to contribute to an HSA, you can make contributions for the current year up until the tax filing deadline for the previous year, usually April 15.

It's important to note that any contributions made for the 2019 tax year in 2018 should be designated as such to avoid any confusion. Additionally, contributing to your HSA early in the year allows for more time for your contributions to grow tax-free.

Overall, contributing to the 2019 HSA in the 2018 tax year can provide you with tax advantages and help you save for future healthcare expenses. Consult with a financial advisor or tax professional to ensure you're making the most of your HSA contributions.

Have you ever wondered whether you can contribute to your Health Savings Account (HSA) for the tax year 2019 while still filing for 2018? Well, the good news is that you absolutely can, provided you adhere to the regulations set forth by the IRS.