Does HSA Contribution Have to Be Made in 2018?

If you are wondering whether HSA contributions have to be made in 2018, you are not alone. Health Savings Accounts (HSAs) offer a valuable way to save for healthcare expenses while enjoying tax benefits. However, there are certain rules and deadlines you need to be aware of when it comes to making contributions.

Here's what you need to know:

• Contributions for a given tax year can be made until the tax filing deadline for that year. For example, contributions for the 2018 tax year can be made until April 15, 2019.
• Any contributions made after the deadline will count towards the following tax year.
• Contributions can be made by either you or your employer, or a combination of both. The total contribution limit for 2018 is $3,450 for individuals and $6,900 for families.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000 per year.
• Contributions to an HSA are tax-deductible, meaning they can help lower your taxable income for the year.
• Unused HSA funds can roll over from year to year, unlike Flexible Spending Accounts (FSAs), which have a
  

  If you're curious about making contributions to your HSA for the 2018 tax year, you're certainly not alone. Health Savings Accounts (HSAs) are a fantastic way to save money for healthcare costs while benefitting from attractive tax advantages.

  Here are the essential details you need to keep in mind regarding HSA contributions:

  • Contributions can be made up until the tax filing deadline for that year. For 2018, this means you have until April 15, 2019, to make contributions.
  • If you miss this deadline, those contributions will instead count toward the next tax year.
  • Both you and your employer can contribute to your HSA, with total contributions capped at $3,450 for individuals and $6,900 for families in 2018.
  • If you’re 55 years or older, you can contribute an extra $1,000 as a catch-up contribution.
  • Another great aspect of HSA contributions is that they are tax-deductible, potentially lowering your overall taxable income.
  • Plus, any funds that go unused in your HSA don’t expire; they can roll over from year to year, which is a major advantage over Flexible Spending Accounts (FSAs).