When Can You Contribute 2019 HSA Contributions? - HSA Awareness Guide

Contributing to your HSA (Health Savings Account) is a great way to save for medical expenses and reduce your taxable income. For the tax year 2019, there are specific guidelines regarding when you can contribute to your HSA.

Here is all you need to know about contributing your 2019 HSA contributions:

1. The deadline for contributing to your HSA for the tax year 2019 is typically April 15, 2020. However, this deadline may be extended due to weekends or holidays.

2. You can make contributions to your HSA for 2019 up until the tax filing deadline without extensions, usually April 15 of the following year.

3. If you have a high-deductible health plan (HDHP) for the entire year in 2019, you can contribute up to $3,500 for an individual or $7,000 for a family HSA.

4. If you were 55 years or older in 2019, you can make an additional catch-up contribution of $1,000 to your HSA.

5. Contributions to your HSA are tax-deductible, meaning they lower your taxable income for the year. This can result in significant tax savings.

When considering HSA contributions for the tax year 2019, remember that contributing to your Health Savings Account not only helps you save for future medical expenses but also reduces your taxable income effectively. The last day for contributions is typically April 15, 2020, and it's wise to keep these deadlines in mind.