Do I Count My HSA Contribution Towards My 2017 Taxes if It Started in March 2017?

If your HSA (Health Savings Account) did not start until March 2017, you may still count it towards your 2017 taxes. Contributions made before the tax deadline in April can typically be included in the tax year they were made in.

It is important to track your HSA contributions and ensure they fall within the IRS limits for tax deductions. For 2017, the maximum contribution for an individual was $3,400, and for a family, it was $6,750.

Here are some key points to keep in mind:

• HSAs offer tax advantages, including tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.
• Your contributions to an HSA reduce your taxable income, leading to potential tax savings.
• Contributions to your HSA can be made up until the tax deadline for that tax year, typically April 15 for most individuals.

Even though your HSA (Health Savings Account) began in March 2017, you can still include any contributions made during that year in your tax filing. Remember, any contributions you make before the April tax deadline can apply to your 2017 taxes.