When Can I Contribute to HSA for 2018?

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2018 HSA deadlines for contributions

If you are considering contributions to your Health Savings Account (HSA) for the year 2018, it's important to know the deadlines and rules associated with it. Here's a breakdown of when you can contribute to your HSA for the year 2018:

1. The deadline to contribute to your HSA for the year 2018 is usually the tax filing deadline of the following year, which is typically April 15th.

2. However, if you had HSA-eligible health coverage for the entire year in 2018, you can make contributions to your HSA for 2018 until the tax filing deadline for the year 2019.

3. If you had HSA-eligible health coverage only for part of the year in 2018, the amount you can contribute to your HSA is prorated based on the number of months you were eligible for the HSA.

4. The contribution limits for 2018 are $3,450 for individuals and $6,900 for families. If you are 55 or older, you can contribute an additional $1,000 as a catch-up contribution.

5. Contributions to your HSA can be made by you, your employer, or both. If your employer contributes to your HSA, the total contributions by you and your employer cannot exceed the contribution limits.

2018 HSA contribution rules and limits

6. It's important to keep accurate records of your HSA contributions and to report them correctly on your tax returns to avoid any penalties.

If you're planning to make contributions to your Health Savings Account (HSA) for 2018, it's crucial to understand the rules and the specific deadlines.

1. Typically, the deadline for contributions to your HSA coincides with the tax filing deadline of the following year, which in 2019 was April 15th.

2. If you maintained HSA-eligible health coverage throughout all of 2018, you could contribute to your HSA up until the tax filing deadline in 2019.

3. For those who only had HSA-eligible health coverage during a part of 2018, the allowable contributions will be prorated according to the months of eligibility.

4. In 2018, the contribution limits set were $3,450 for individuals and $6,900 for families. Additionally, if you were 55 or older during that tax year, you could add a catch-up contribution of $1,000.

5. Contributions can come from you, your employer, or a combination of both, but remember, the sum of these contributions must not exceed the designated limits.

6. It's essential to maintain precise records of all your HSA contributions and ensure they are accurately reported on your tax returns to avoid any potential penalties or issues with the IRS.