Is HSA Still Deductible for 2018? - Understanding How HSA Works

As we approach the tax-filing season, many individuals are curious about the deductibility of their Health Savings Account (HSA) contributions for the year 2018. An HSA is a valuable financial tool that allows individuals to save for medical expenses on a tax-advantaged basis. So, is an HSA still deductible for 2018?

As of 2018, the answer is yes, HSA contributions are still deductible on your tax return. Here are some key points to consider:

• HSA contributions are tax-deductible, meaning they can lower your taxable income.
• For 2018, individuals can contribute up to $3,450 to an HSA if they have self-only coverage, or up to $6,900 if they have family coverage.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• To be eligible to contribute to an HSA, you must be covered by a high-deductible health plan (HDHP).

It's important to keep in mind that HSA rules and contribution limits can change from year to year, so it's essential to stay informed about current guidelines. By maximizing your HSA contributions, you can enjoy tax savings and build a nest egg for future medical expenses.

As we enter the tax-filing season again, many might ask, are HSA contributions from 2018 still deductible? The great news is yes! If you're planning for the tax year 2018, it’s worth noting that you can deduct your HSA contributions, which can significantly lower your taxable income and offer you a smart way to save for future healthcare costs.