When Can I Make an HSA Contribution for 2018?

If you're looking to make an HSA contribution for the year 2018, here's some essential information to keep in mind. To contribute to your HSA for the 2018 tax year, you typically have until the tax filing deadline, which is generally April 15 of the following year.

Here are some key points to consider when making an HSA contribution for 2018:

• Individuals can contribute up to $3,450 to their HSA for the 2018 tax year if they have self-only coverage.
• Those with family coverage can contribute up to $6,900 for the 2018 tax year.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000.

Keep in mind that HSA contributions are tax-deductible, and the funds in your HSA can be used to pay for qualified medical expenses both now and in the future tax-free.

If you're considering making a contribution to your Health Savings Account (HSA) for the year 2018, one of the most important things to note is that the deadline usually falls on April 15 of the following year, which is when your taxes are due.

Understanding these contribution limits is crucial: if you have self-only coverage, you can contribute up to $3,450, while those with family coverage can contribute as much as $6,900. If you're 55 or older, don't forget about the additional $1,000 catch-up contribution that can help boost your savings.

Moreover, contributions to your HSA are not only tax-deductible, but the funds can also be utilized tax-free for qualified medical expenses, making it a smart financial tool for managing healthcare costs both now and in the future.