Can You Make a Contribution to Your HSA in December?

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HSA contributions allowed in December

As the year comes to an end, you may be wondering if you can still make a contribution to your Health Savings Account (HSA) in December. The short answer is yes, you can make a contribution to your HSA in December as long as you meet the eligibility criteria.

Contributions to an HSA can be made at any time during the year, including in December. However, there are a few things to keep in mind:

2021 HSA limits and eligibility requirements

• For the year 2021, the contribution limits are $3,600 for individuals and $7,200 for families.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• To be eligible to contribute to an HSA, you must be covered by a High Deductible Health Plan (HDHP).
• Your contribution is tax-deductible, and the funds in your HSA can be used to pay for qualified medical expenses tax-free.

December contributions must meet deadlines

It's important to note that contributions to your HSA must be made by the tax filing deadline, usually April 15 of the following year, to count for the current tax year.

So, if you still have room to contribute to your HSA in December, go ahead and make that contribution to save on taxes and prepare for any future medical expenses!

As the year draws to a close, many individuals find themselves questioning whether they can still make contributions to their Health Savings Account (HSA) in December. The answer is a resounding yes! If you meet the necessary eligibility criteria, you can still make contributions to your HSA this month.