Is it Too Late to Make an HSA Contribution for 2018? - HSA Awareness

If you're wondering whether it's too late to make a Health Savings Account (HSA) contribution for 2018, you're not alone. Many people are unsure about the deadlines and rules surrounding HSA contributions. The good news is that there is still time to make contributions for the previous tax year, but you'll need to act fast.

Contributions to an HSA can be made up until the tax filing deadline for the year in question. For the tax year 2018, the deadline to make contributions is usually April 15, 2019. However, if April 15 falls on a weekend or holiday, the deadline is typically extended to the next business day.

Here are a few key points to keep in mind if you're considering making an HSA contribution for 2018:

• Contributions made between January 1 and the tax filing deadline can be designated for the previous tax year.
• For 2018, individuals can contribute up to $3,450 to an HSA, while families can contribute up to $6,900.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000.
• Contributions are tax-deductible, meaning they can help lower your taxable income for the year.
• Funds in an HSA can be used to pay for qualified medical expenses tax-free.

So, if you haven't maxed out your HSA contributions for 2018, there's still time to do so. Making a last-minute contribution can have tax benefits and help you save for future medical expenses. Be sure to consult with a financial advisor or tax professional for guidance tailored to your specific situation.

Still considering making a contribution to your Health Savings Account (HSA) for the 2018 tax year? Don’t fret! There’s still a window of opportunity open until the tax filing deadline, which is generally April 15, 2019!