When Can I Make an HSA Contribution for 2018?

When it comes to making an HSA contribution for the year 2018, there are specific guidelines you need to keep in mind. Health Savings Accounts (HSAs) offer individuals a tax-advantaged way to save and pay for qualified medical expenses. Here's what you need to know:

For the year 2018, you have until the tax filing deadline, which is typically April 15 of the following year, to make HSA contributions for the previous tax year. Contributions made within this deadline can count towards your 2018 tax year.

It's important to note that if you are eligible to contribute to an HSA and have an HSA-eligible high deductible health plan (HDHP) for the entire year, you can contribute up to the annual maximum set by the IRS for 2018. For individuals, the maximum contribution is $3,450, and for families, it's $6,900.

However, if you are 55 or older, you have the option to make an additional catch-up contribution of $1,000. This means if you are 55 or older, you can contribute up to $4,450 for individuals or $7,900 for families in 2018.

Keep in mind that HSA contributions are tax-deductible, meaning they can lower your taxable income for the year. This can result in potential tax savings and help you save more for future medical expenses.

When considering HSA contributions for the year 2018, understanding the contribution deadlines and limits is crucial for maximizing your savings and tax advantages. You can contribute to your HSA until the tax filing deadline, which is generally set for April 15 of the following year.