How to Make HSA Contributions for Previous Tax Year: Optum

Are you looking to make HSA contributions for the previous tax year with Optum but not sure how to go about it? Don't worry, we've got you covered. Making contributions to your Health Savings Account (HSA) for a previous tax year is possible and can come with various benefits. Whether you missed the contribution deadline or want to max out your HSA for the year, there are steps you can take to make it happen.

Here's how you can make HSA contributions for the previous tax year with Optum:

1. Confirm Eligibility: Make sure you were eligible to contribute to an HSA for the tax year you wish to make contributions. Check if you had an HSA-eligible high-deductible health plan and were not enrolled in Medicare.
2. Contribution Deadline: The deadline for making HSA contributions for a specific tax year is typically April 15 of the following year. However, if the deadline falls on a weekend or holiday, it is extended to the next business day.
3. Contribution Limits: Verify the contribution limits set by the IRS for individual and family coverage for the tax year you want to contribute to. For 2021, the limits were $3,600 for individuals and $7,200 for families.
4. Make a Contribution: You can make contributions to your Optum HSA through various methods, such as direct deposits, online transfers, or mailing a check. Ensure your contribution specifies the tax year you are contributing to.
5. Tax Reporting: When you file your taxes for the previous year, report your HSA contributions correctly to receive any tax benefits or deductions you may be eligible for.

By following these steps, you can successfully make HSA contributions for the previous tax year with Optum and maximize your healthcare savings. Take advantage of the tax advantages and flexibility that an HSA offers for your medical expenses.

Making HSA contributions retroactively for the prior tax year with Optum can be a seamless process if you follow these simple steps. It’s vital to keep in mind the eligible requirements to make the most out of your contributions, ensuring you remain within IRS guidelines.