Can You Deduct HSA Contributions in 2019?

When it comes to deducting Health Savings Account (HSA) contributions in 2019, the answer is yes, you can still deduct them! Contributions made to your HSA are tax-deductible up to the annual contribution limits set by the IRS.

For 2019, the maximum contribution limits are $3,500 for individuals and $7,000 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

It's important to note that to deduct your HSA contributions, you must meet the following requirements:

• You are not claimed as a dependent on someone else's tax return.
• You are covered under a high-deductible health plan (HDHP).
• You have not enrolled in Medicare.

By contributing to an HSA, you not only get the benefit of tax deductions but also enjoy tax-free growth on your contributions and tax-free withdrawals for qualified medical expenses.

Yes, you can deduct Health Savings Account (HSA) contributions for 2019! Remember, these contributions are tax-deductible, enabling you to reduce your taxable income. The IRS sets clear limits; for individuals, the cap is $3,500, while families can contribute up to $7,000 in 2019. If you're 55 or older, you're eligible for an additional catch-up contribution of $1,000.