How Late Can You Make HSA Contributions for Prior Year?

When it comes to making contributions to your Health Savings Account (HSA) for a previous year, the deadline differs from traditional IRAs and Roth IRAs. For HSAs, you have until the tax filing deadline (generally April 15th) of the following year to make contributions for the previous tax year.

Here are some key points to remember regarding HSA contributions for prior years:

• The deadline to contribute for the previous tax year is typically April 15th.
• If you have an individual HSA, you can contribute up to the annual limit for that year.
• If you have a family HSA, you can contribute up to the family HSA limit for that year.
• Contributions made between January 1st and the tax filing deadline can be earmarked for the previous year.
• Contributing to your HSA can offer tax advantages and help you save for future medical expenses.

Many individuals underestimate the flexibility of making contributions to their HSA for a prior year. Remember, you have until April 15th of the following year to contribute, offering you a great chance to maximize your savings.