Can You Make a 2017 HSA Contribution in 2018?

One common question that people encounter when it comes to Health Savings Accounts (HSAs) is whether they can make a 2017 HSA contribution in 2018. The answer to this question is yes, under certain circumstances, you can contribute to your HSA for the previous tax year even after the year has ended.

HSAs allow individuals to save for qualified medical expenses on a pre-tax basis. Here are some key points to consider regarding HSA contributions:

• For the tax year 2017, you can make a contribution to your HSA until the tax filing deadline for that year, which is usually April 15 of the following year.
• This means that if you have not maxed out your HSA contribution for 2017 by the end of the year, you still have the opportunity to do so until the tax deadline in April 2018.
• Contributions made by the tax deadline can be counted towards the previous tax year, allowing you to maximize your tax benefits.
• It's important to keep track of your contributions and ensure that you are within the IRS limits for HSA contributions, which for 2017 is $3,400 for individuals and $6,750 for families.

By understanding the rules and deadlines surrounding HSA contributions, you can make the most of your HSA and take advantage of the tax benefits it offers. Consult with a financial advisor or tax professional for personalized guidance on maximizing your HSA contributions.

Many people wonder about contributing to their Health Savings Account (HSA) for the previous tax year, and yes, you can contribute to 2017's HSA in 2018 as long as you are aware of the deadlines!