What Can I Deposit in My HSA for 2019?

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2019 HSA contribution limits and catch-up

Are you considering opening a Health Savings Account (HSA) for the year 2019 and wondering what you can deposit into it? An HSA is a tax-advantaged account that allows you to save money for medical expenses while enjoying the benefits of lower taxes. Here's a breakdown of what you can deposit into your HSA for the year 2019:

Eligible Contributions:

• Individuals: For 2019, you can contribute up to $3,500 if you have self-only coverage or up to $7,000 if you have family coverage.
• Additional Contribution: If you are 55 or older, you can make an additional catch-up contribution of $1,000.

If you’re planning to open a Health Savings Account (HSA) for the year 2019, it’s important to know the ins and outs of what you can deposit. This tax-advantaged account is designed to help you set aside money for medical expenses, offering savings on taxes while building a financial cushion for healthcare costs.

Eligible Contributions:

• If you have self-only coverage, you can contribute a maximum of $3,500. On the other hand, if you have family coverage, you can deposit up to $7,000.
• And don’t forget about the catch-up contribution! If you're aged 55 or older, you can add an extra $1,000 to your contributions, giving you even more room to save.

What funds are accepted for deposits

Accepted Funds:

• Employer Contributions: You can receive contributions from your employer, which are excluded from your gross income.
• Personal Contributions: You can make contributions from your own funds, which are tax-deductible.
• Roll-over Funds: You can roll over funds from a previous year's HSA or an Archer Medical Savings Account (MSA).

Accepted Funds:

• Employer contributions are a great perk! If your employer contributes to your HSA, those funds are excluded from your gross income, which is a significant tax advantage.
• Your personal contributions are also super beneficial as they are tax-deductible, helping you save even more on your tax bill.
• Additionally, if you have funds sitting in a previous HSA or an Archer Medical Savings Account, you can roll those over into your new HSA without incurring taxes.

Cash-only deposit rule and compliance

It's important to note that contributions to your HSA must be made in cash. Other items, such as stocks or bonds, cannot be directly deposited into your HSA.

By understanding what you can deposit into your HSA for 2019, you can maximize the benefits of this unique healthcare savings tool. Consult with a financial advisor or tax professional to ensure you are complying with the rules and making the most of your HSA.

Keep in mind that all contributions to your HSA must be in cash; stocks or bonds cannot be directly deposited. This knowledge allows you to fully leverage the benefits of your HSA while ensuring compliance with IRS rules.