How Much Can We Deposit into 2019 HSA Contribution?

When it comes to contributing to your HSA for the 2019 tax year, it's important to understand the guidelines to maximize your savings and benefits. As an individual, you can contribute up to $3,500, and for family coverage, the maximum allowed contribution is $7,000. If you are over the age of 55, you can make an additional catch-up contribution of $1,000. These contributions are tax-deductible and can be made until the tax filing deadline, usually April 15 of the following year.

Aside from the contribution limits, it's also essential to know that HSA funds roll over from year to year, so you won't lose any unused funds. This makes HSAs a great way to save for future medical expenses and even retirement.

When it comes to contributing to your HSA for the 2019 tax year, it's important to familiarize yourself with the contribution limits to fully benefit from this valuable account. For individual coverage, the maximum contribution cap stands at $3,500, while families can contribute up to $7,000. Additionally, individuals aged 55 and older can take advantage of a catch-up contribution, allowing them to put away an extra $1,000. It’s worth noting that these contributions are tax-deductible, providing a significant advantage come tax season.