How Much Can I Put in an HSA in 2017?

Are you considering opening a Health Savings Account (HSA) but not sure about the contribution limits for 2017? Let's break it down for you!

In 2017, if you had self-only coverage, you could contribute up to $3,400 to your HSA. If you had family coverage, the limit was $6,750. For individuals aged 55 and older, an additional catch-up contribution of $1,000 was allowed.

Contributions to an HSA are tax-deductible, meaning you can reduce your taxable income by the amount you contribute to the account. This can lead to significant tax savings, making HSAs a popular choice for many individuals.

It's essential to note that these contribution limits are set by the IRS and may change each year, so it's crucial to stay updated on the latest guidelines.

Are you considering opening a Health Savings Account (HSA) but feeling unsure about how much you can contribute in 2017? Here’s what you need to know!

In 2017, those with self-only coverage could contribute up to $3,400, while families had a contribution limit of $6,750. Plus, if you’re 55 or older, there’s a fantastic catch-up contribution option that lets you add an extra $1,000.

This is a great opportunity to save on taxes as contributions to your HSA are tax-deductible, effectively lowering your taxable income. It’s a win-win that makes HSAs a popular avenue for smart financial planning.

Always remember, these contribution limits are set by the IRS and can change each year, so keeping an eye on these numbers is vital for maximizing your savings.