Can You Make HSA Contributions in 2019 for 2018 Turbo Tax?

If you're wondering whether you can make HSA contributions in 2019 for 2018 Turbo Tax purposes, the short answer is yes! However, there are specific guidelines and limitations to keep in mind when making contributions to your Health Savings Account (HSA) for a previous tax year.

Here's what you need to know:

• HSA contributions for a particular tax year can be made up until the tax filing deadline of the following year.
• For example, for the 2018 tax year, you have until April 15, 2019, to make HSA contributions that will count towards your 2018 tax return.
• The maximum allowable HSA contribution amount for an individual in 2018 was $3,450 and for a family it was $6,900.
• If you are eligible to make catch-up contributions (age 55 and older), you can contribute an additional $1,000 for the tax year 2018.
• When making contributions for a previous tax year, be sure to specify to your HSA provider that the contribution is for the correct tax year.

By making HSA contributions before the tax filing deadline, you can lower your taxable income for the previous year and potentially reduce your tax liability. It's important to keep track of your HSA contributions and ensure they are within the IRS limits to avoid any penalties or tax implications.

Are you curious about making HSA contributions in 2019 for your 2018 taxes with Turbo Tax? The good news is, yes, you absolutely can! Just remember that there are important factors and limits to be aware of when contributing to your Health Savings Account (HSA) for a past year.