When Can I Contribute to My 2018 HSA?

If you are considering contributing to your Health Savings Account (HSA) for the year 2018, it's important to be aware of the deadlines and regulations. One of the key benefits of an HSA is the ability to contribute funds that are tax-deductible and can be used for qualified medical expenses tax-free.

So, when can you contribute to your 2018 HSA? Here's what you need to know:

• The deadline for contributing to your HSA for the tax year 2018 is the tax filing deadline, which is typically April 15 of the following year.
• However, if you request an extension for filing your taxes, you also get an extension to make contributions to your HSA, which usually extends the deadline to October 15 of the following year.
• You can contribute to your HSA for the tax year 2018 as long as you had an HSA-eligible high deductible health plan (HDHP) for the full year.
• For individuals, the maximum contribution limit for 2018 is $3,450, and for families, it is $6,900. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Contributing to your HSA is a smart way to save for future medical expenses while enjoying tax benefits. Be sure to consult with a financial advisor or tax professional to understand the rules and limits that apply to your specific situation.

One of the smartest financial moves you can make is to contribute to your HSA (Health Savings Account). If you're looking into your HSA contributions for the 2018 tax year, here are some important aspects to keep in mind:

1. **Contribution Deadline**:

• The deadline for contributions to your HSA for 2018 is April 15, 2019, which is also when your tax returns are due.

2. **Contribution Limits**:

• In 2018, the contribution limits stood at $3,450 for individuals and $6,900 for families. If you were 55 years or older, you could add an extra $1,000, known as a catch-up contribution.

3. **Eligibility Based on Employment Status**:

• If you maintained an HSA-eligible high deductible health plan (HDHP) throughout 2018, you are allowed to contribute the full annual amount, irrespective of when you were covered by the HDHP.

4. **Taking Advantage of the Last-Month Rule**:

• Coverage by an HDHP on December 1, 2018, gives you the option to utilize the last-month rule for making the full contribution for the year, subject to specific guidelines.

5. **Opening Your HSA**:

• Remember that you can open and fund an HSA up until the tax filing deadline, so contributions for 2018 can be made until April 15, 2019.

It’s essential to remember that contributions to an HSA can be tax-deductible, the account grows tax-free, and withdrawals for qualified medical expenses are also tax-free. For tailored advice regarding your HSA contributions, it's wise to consult a tax expert or financial advisor.