How Much Can I Put in My HSA 2017?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while getting tax benefits. If you're wondering how much you can contribute to your HSA in 2017, here's what you need to know.

In 2017, the contribution limits for HSAs are:

• $3,400 for individuals
• $6,750 for families
• If you're 55 or older, you can contribute an additional $1,000 as a catch-up contribution

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

Contributions to your HSA are tax-deductible, meaning you can lower your taxable income by contributing to your HSA. The money in your HSA can be used to pay for qualified medical expenses tax-free.

Make sure to keep track of your contributions to avoid exceeding the limits, as excess contributions may be subject to taxes and penalties.

Health Savings Accounts (HSAs) are an incredible financial tool designed not only to save for medical expenses but also to offer significant tax advantages. If you're curious about how much you can contribute to your HSA in 2017, here’s an overview of the limits you need to know.

In 2017, the contribution limits for an HSA are:

• $3,400 for individuals
• $6,750 for families
• If you're 55 or older, there’s an opportunity to add an extra $1,000 as a catch-up contribution

Remember, these limits apply for the entire calendar year, meaning if you opened your HSA partway through the year, your contribution capacity will be adjusted proportionally depending on the number of months you were qualified to make contributions.

One of the best features of HSAs is that contributions are tax-deductible, allowing you to effectively reduce your taxable income. Plus, any funds you withdraw to pay for qualified medical expenses don’t incur tax, making your savings go even further.

Keep a close eye on your contribution levels to avoid exceeding these limits; any excess amounts could lead to unwanted taxes and penalties come tax season.