When Can I Make HSA Contribution for 2017? | HSA Awareness

As we approach the end of the year, many individuals are considering their options for contributing to their Health Savings Account (HSA) for the 2017 tax year. It's important to understand the deadlines and rules surrounding HSA contributions, so you can maximize your tax benefits. Here's what you need to know:

Contributions for the 2017 tax year can be made until the tax filing deadline, which is typically April 15 of the following year. For 2017, this means you have until April 17, 2018, to make contributions to your HSA.

If you are eligible to contribute to an HSA for 2017, here are some key points to keep in mind:

• You must be enrolled in a high deductible health plan (HDHP) to be eligible to contribute to an HSA.
• For 2017, the maximum contribution limits are $3,400 for individuals and $6,750 for families.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000.
• Contributions to your HSA must be made in cash and cannot be made in the form of securities or property.

It's essential to ensure that your contributions do not exceed the annual limits, as you may incur tax penalties for excess contributions. Keep track of your contributions throughout the year to avoid any issues.

By making contributions to your HSA, you can enjoy tax advantages, including tax-deductible contributions, tax-free growth on your funds, and tax-free withdrawals for qualified medical expenses. Take advantage of these benefits by contributing to your HSA before the deadline!

As the end of the year draws near, many individuals find themselves pondering the best ways to contribute to their Health Savings Account (HSA) for the 2017 tax year. Understanding HSA contribution deadlines and the associated rules is essential for maximizing your potential tax benefits. Here are the crucial details you need to be aware of: