How Much Can I Contribute to HSA for 2017?

When it comes to contributing to your Health Savings Account (HSA) for the year 2017, there are certain limits set by the IRS that you should be aware of. Knowing these contribution limits can help you make the most of your HSA benefits while staying compliant with the regulations.

For the tax year 2017, the maximum annual HSA contribution limits are as follows:

• For individuals with self-only coverage, the limit is $3,400.
• For those with family coverage, the limit is $6,750.
• If you are 55 years or older, you are allowed to contribute an additional $1,000 as a catch-up contribution.

It's important to note that these limits are for the entire year, meaning if you open an HSA mid-year, your contribution limit will be prorated based on the number of months you were eligible to contribute.

Contributions to your HSA can be made by you, your employer, or both, but the total combined contributions cannot exceed the annual limits mentioned above. Additionally, contributions made by your employer are excluded from your taxable income, providing you with additional tax savings.

As we dive into contributing to your Health Savings Account (HSA) for the year 2017, it's essential to be informed about the limits established by the IRS. Understanding these HSA contribution limits allows you to maximize your healthcare savings while remaining compliant.

In 2017, the maximum amount you can contribute to your HSA is different based on your coverage type:

• If you have self-only coverage, your contribution limit is capped at $3,400.
• For those opting for family coverage, you can contribute up to $6,750.
• Additionally, if you’re 55 or older, there’s an opportunity to make a catch-up contribution of an extra $1,000.

Remember, these contribution limits are for the entire year. Consequently, if you decide to open an HSA later in the year, your contribution limit will be adjusted based on your months of eligibility.

Both you and your employer can contribute to your HSA, but together those contributions cannot surpass the annual limits outlined above. Furthermore, any contributions from your employer won’t be counted as taxable income, giving you additional tax breaks.