When Can You Make an HSA Contribution for 2019?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. If you're wondering when you can make an HSA contribution for 2019, here's what you need to know:

For the tax year 2019, you can make HSA contributions until the tax deadline, which is typically April 15 of the following year. This means that for the 2019 tax year, you have until April 15, 2020, to make contributions to your HSA.

It's important to note that the contribution limits for HSAs are set by the IRS. For 2019, the contribution limit for individuals is $3,500, and for families, it's $7,000. If you are 55 or older, you can make an additional catch-up contribution of $1,000.

There are also certain eligibility requirements for contributing to an HSA. To make contributions, you must be covered by a high-deductible health plan (HDHP) and not be enrolled in Medicare. You cannot be claimed as a dependent on someone else's tax return.

Health Savings Accounts (HSAs) not only help you save for those pesky medical bills, but they also offer significant tax advantages. If you're pondering the timeline for making an HSA contribution for the year 2019, you're in the right place!

Good news! You can contribute to your HSA until April 15, 2020, giving you a full year after the tax period ends to maximize your savings.

In 2019, the IRS set contribution limits at $3,500 for individuals and $7,000 for families. Plus, if you're 55 or older, you’re eligible for an extra $1,000 “catch-up” contribution, which is a great way to boost your savings as you approach retirement.

Just keep in mind that to contribute, you need to be enrolled in a high-deductible health plan (HDHP) and cannot have Medicare coverage or be claimed as a dependent. This ensures that HSAs remain a valuable option for those who meet the criteria.