How to Make HSA Contribution for Previous Year

If you are looking to make an HSA contribution for the previous year, here are the steps you need to follow:

1. Check your HSA contribution limits for the year in question. For 2021, the individual limit is $3,600 and the family limit is $7,200.
2. Ensure you are eligible to contribute for the previous year. You must have had an HSA-eligible health insurance plan for the months you are making contributions for.
3. Calculate the amount you want to contribute for the previous year. You can contribute up to the annual limit set by the IRS.
4. Make your contribution before the tax filing deadline for the year. For example, for the 2021 tax year, the deadline is usually April 15, 2022.
5. Contact your HSA provider or log in to your HSA account online to make the contribution. You can typically make contributions via electronic transfer, check, or other methods.

By following these steps, you can easily make an HSA contribution for the previous year and enjoy the tax advantages that come with it.

Making an HSA contribution for the previous year is a great way to maximize your tax savings and get ahead on your healthcare planning. Be sure to first check your HSA contribution limits for the designated year. For instance, in 2021, the individual limit was set at $3,600, while families could contribute up to $7,200.