How Much Can I Contribute to My HSA for 2017?

If you're considering contributing to a Health Savings Account (HSA) in 2017, you might be wondering about the maximum limits. In 2017, the IRS set contribution limits for individuals and families, allowing you to save a certain amount tax-free for medical expenses.

For 2017, the maximum HSA contribution limits were as follows:

- Individuals: $3,400

- Families: $6,750

Additionally, if you were 55 or older, you could contribute an extra $1,000 as a catch-up contribution. This means that individuals aged 55 and older could contribute up to $4,400, and families in the same age group could contribute up to $7,750.

It's important to note that these limits applied to the total contributions made by both you and your employer for the year. If you contributed more than the allowed limit, you may face tax penalties.

If you are thinking about your contributions to a Health Savings Account (HSA) for 2017, it’s essential to know the IRS guidelines on contribution limits. In that year, the limits were aimed at maximizing your tax-free savings for qualified medical expenses, providing a great opportunity to save money while being prepared for unexpected health costs.