Can You Make HSA Contribution After December 31st?

Yes, you can make HSA contributions after December 31st for the current tax year. The IRS allows individuals to contribute to their Health Savings Account up until the tax filing deadline, which is typically April 15th of the following year. This means you have a few extra months to maximize your HSA contributions and take advantage of potential tax savings.

There are some key points to consider when making HSA contributions after December 31st:

• Contributions made between January 1st and April 15th can be allocated to the previous tax year if you specify this when making the contribution.
• For the current tax year, the maximum contribution limits are $3,550 for individuals and $7,100 for families. If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• Employer contributions to your HSA count towards the annual maximum contribution limits set by the IRS.

Absolutely! You are allowed to make contributions to your Health Savings Account (HSA) even after December 31st for the previous tax year. This gives you the opportunity to boost your savings until the tax filing deadline, typically April 15th. Planning your contributions wisely can lead to significant tax advantages.