When Can 2018 HSA Contributions Be Made?

If you are considering contributing to a Health Savings Account (HSA) for tax year 2018, there are specific deadlines and guidelines you need to keep in mind. In order to make 2018 HSA contributions, you must adhere to the following rules:

- The deadline for contributing to your HSA for 2018 is typically April 15th of the following year, which is the same deadline for filing your federal income tax return.

- However, if you request an extension to file your federal tax return, you have until the extended due date to make HSA contributions for the previous tax year, typically October 15th.

- It’s important to note that the contribution limits for 2018 are $3,450 for individuals and $6,900 for families. If you are over the age of 55, you can make an additional catch-up contribution of $1,000.

One key advantage of contributing to an HSA is that your contributions are tax-deductible, reducing your taxable income for the year. Not only that, but the funds you contribute can be used to pay for qualified medical expenses tax-free.

Remember, HSAs are a great way to save for future healthcare costs while enjoying tax benefits. Make sure to plan ahead and contribute before the deadlines to maximize your savings and tax advantages for 2018.

Considering a Health Savings Account (HSA) for tax year 2018? It's crucial to grasp the specific deadlines associated with contributions, as they can significantly influence your savings and tax benefits.