Is it Too Late to Contribute to HSA for 2017?

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HSA 2017 contribution deadline timing explained

If you're wondering whether it's too late to contribute to your Health Savings Account (HSA) for the year 2017, the good news is that there may still be time for you to do so. The deadline for contributions is typically the tax filing deadline of the following year, which is usually around mid-April. So, for the tax year 2017, you have until mid-April 2018 to make contributions to your HSA.

If you're pondering whether it’s too late to contribute to your Health Savings Account (HSA) for 2017, here’s a silver lining: you might still have a window of opportunity! Typically, the deadline for HSA contributions is aligned with the tax filing deadline the following year, which usually falls around mid-April. Thus, for the tax year 2017, the cut-off for making contributions is mid-April 2018.

Benefits and 2017 contribution limits

Contributing to your HSA can have numerous benefits, including tax advantages and saving for future medical expenses. If you haven't maxed out your contributions for 2017 yet, here are some key points to consider:

• For 2017, the contribution limit for individuals is $3,400 and for families is $6,750.
• If you're 55 or older, you can make an additional catch-up contribution of $1,000.
• Contributions to your HSA are tax-deductible, reducing your taxable income.
• Funds in your HSA can be invested and grow tax-free.

Contributing after filing requires amended return

Even if you've already filed your taxes for 2017, you can still make contributions to your HSA and claim them on an amended tax return. Consult with a tax advisor to ensure you follow the correct procedures to claim your HSA contributions.

Conclusion: still time to contribute

So, it's not too late to contribute to your HSA for 2017. Take advantage of this opportunity to save for medical expenses and enjoy the tax benefits that come with it.