How Much Can I Contribute to My HSA in 2017 Deadline?

When it comes to contributing to your Health Savings Account (HSA) for the year 2017, there are specific limits set by the IRS that you need to be aware of. Setting aside funds in your HSA can help you save money for medical expenses and enjoy tax benefits at the same time. Understanding the contribution limits is crucial to maximize the benefits of your HSA.

In 2017, the maximum contribution limits for HSAs were:

• $3,400 for individuals
• $6,750 for families
• For those aged 55 and older, an additional catch-up contribution of $1,000 was allowed

These contribution limits were set by the IRS to control the amount of pre-tax dollars individuals and families could save for healthcare expenses. It's important to note that these limits apply to the total contributions made to your HSA, including both your contributions and any contributions made by your employer.

Contributions to your HSA can be made throughout the year, up until the tax filing deadline for that year, which is typically April 15 of the following year. For example, contributions for the year 2017 could be made until April 15, 2018. It's essential to ensure that you do not exceed the contribution limits, as there are penalties for over-contributions.

When it comes to contributing to your Health Savings Account (HSA) for 2017, being informed about specific IRS limits is key to fully leveraging the benefits of these accounts. The year 2017 saw some significant caps on contributions aimed at helping individuals and families save for medical costs while enjoying substantial tax breaks.