Can You Contribute to HSA After Year End?

If you have a Health Savings Account (HSA), you may wonder if you can contribute to it after the year ends. The answer is yes! Here's what you need to know about contributing to your HSA after the year is over:

1. HSA Contribution Deadline:

• The deadline for contributing to your HSA for a specific tax year is typically the tax filing deadline, which is usually April 15 of the following year.

2. Contribution Limits:

• For 2021, the annual contribution limit for individuals with self-only coverage is $3,600, and for those with family coverage, it is $7,200.

3. Catch-Up Contributions:

• If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year to your HSA.

4. Benefits of Contributing After Year End:

• Contributing to your HSA after the year ends allows you to maximize your tax savings and build your savings for future medical expenses.

5. How to Contribute:

• You can make contributions to your HSA through payroll deductions, direct deposits, or by depositing a check into your HSA account.

Remember, contributing to your HSA is a smart way to save for healthcare costs while enjoying tax benefits. So, even if the year has ended, you can still make contributions to your HSA and reap the benefits!

Yes, you can contribute to your HSA after the year ends, with the provision that you have until the tax filing deadline to make those contributions, which typically falls on April 15th of the subsequent year.