When Can I Contribute to HSA in 2018?

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Eligibility to contribute to HSA in 2018

Are you wondering when you can contribute to your HSA in 2018? Let's dive into the details to help you understand how and when you can make contributions to your Health Savings Account.

Firstly, in order to contribute to your HSA in 2018, you must be enrolled in a High Deductible Health Plan (HDHP). Once you are enrolled in an HDHP, you can start making contributions to your HSA.

Contribution limits and timing rules

Here are some key points to note about contributing to your HSA in 2018:

• The contribution limit for individuals in 2018 is $3,450, while for families it is $6,900.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.
• You can make contributions to your HSA anytime during the year.
• Contributions made by the tax filing deadline, usually April 15 of the following year, can be counted for the previous year.

It's important to keep track of your contributions to ensure you do not exceed the annual limits set by the IRS. Excess contributions may be subject to additional taxes.

Why HSA contribution timelines matter

Are you wondering when you can contribute to your HSA in 2018? Understanding the timelines for contributions to your Health Savings Account (HSA) can be essential for maximizing your savings and preparing for healthcare costs.