Can You Still Make Contributions to Your 2017 HSA?

If you're wondering whether you can still make contributions to your Health Savings Account (HSA) for the year 2017, the answer is yes, but with a few important considerations. Making contributions to your HSA is a smart way to save for future medical expenses while enjoying tax benefits. Here's what you need to know:

As long as you were eligible to contribute to an HSA in 2017, you have until the tax filing deadline (typically April 15 of the following year) to make contributions for that tax year. This means you can still make contributions to your 2017 HSA up until the tax deadline in 2018.

It's important to note that the contribution limits for HSA accounts in 2017 were $3,400 for individuals and $6,750 for families. If you are 55 or older, you were also eligible for an additional catch-up contribution of $1,000.

Here are some key points to consider when making contributions to your 2017 HSA:

• Check your eligibility: Make sure you were eligible to contribute to an HSA in 2017 based on your health insurance coverage.
• Contribution limits: Be aware of the annual contribution limits for 2017 ($3,400 for individuals, $6,750 for families).
• Catch-up contributions: If you are 55 or older, remember that you can make an additional catch-up contribution of $1,000.
• Deadlines: You have until the tax filing deadline in 2018 to make contributions for the 2017 tax year.

By taking advantage of the tax benefits and savings opportunities offered by an HSA, you can better prepare for your future healthcare expenses. Consult with a financial advisor or tax professional for personalized guidance on maximizing your HSA contributions for 2017.

Absolutely, if you were eligible to contribute to your Health Savings Account (HSA) in 2017, you can still make contributions even now, as long as you're mindful of the tax filing deadlines that apply.