When Can I Contribute to My HSA for 2018? - A Guide to HSA Contributions

Health Savings Accounts (HSAs) offer a great way to save for medical expenses while enjoying tax benefits. If you have an HSA and are wondering about contributing for 2018, here is what you need to know.

For the tax year 2018, you can contribute to your HSA until the tax filing deadline in 2019, which is typically April 15. Contributions made before this deadline can be claimed on your 2018 tax return.

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

Contributions to your HSA can be made through employer payroll deductions, direct contributions, or even as a lump sum. Be sure to keep track of your contributions to ensure you stay within the limits.

Health Savings Accounts (HSAs) are an excellent way to save for future medical expenses, all while reaping tax benefits. If you're looking to make contributions to your HSA for 2018, understanding the specifics is essential.

For the tax year 2018, you have until the tax filing deadline in 2019, generally April 15, to contribute to your HSA. This means contributions made before this date can be claimed on your 2018 tax return, maximizing your tax savings.

The contribution limits for HSAs in 2018 are set at $3,450 for individuals and $6,900 for families. And remember, if you're 55 years old or older, you can take advantage of an additional catch-up contribution of $1,000 to bolster your savings.

You can make contributions to your HSA through various methods such as payroll deductions from your employer, direct contributions from your bank account, or even one-time lump sums. Just ensure that you monitor your contributions closely to avoid exceeding the limits.