What is the deadline for making an HSA contribution?

Understanding the deadlines for making contributions to your Health Savings Account (HSA) is crucial to maximizing its benefits. The deadline for making an HSA contribution is linked to the tax year with specific guidelines to follow.

Here's a breakdown of the key points:

• The deadline for making an HSA contribution for the current tax year is usually April 15th of the following year, aligning with the tax filing deadline.
• If you file for an extension, the HSA contribution deadline extends to the extension deadline, typically around October 15th.
• Contributions made within the deadline can be deducted from your taxable income for the tax year in which they were made.
• It's essential to ensure that your contributions do not exceed the annual HSA contribution limits set by the IRS.
• Employer contributions to your HSA may have a different deadline set by your company, so it's best to check with your HR department.

Remember, contributing to your HSA before the deadline not only helps you save on taxes but also allows you to build a fund for future medical expenses tax-free.

When it comes to your Health Savings Account (HSA), knowing the contribution deadlines is key to making the most of this tax-advantaged savings tool. As a rule of thumb, the last day to contribute to your HSA for the given tax year is usually April 15th of the ensuing year, coinciding with the federal tax filing deadline.