When Can You Put Money into HSA for 2017?

If you have a Health Savings Account (HSA) or are considering opening one, you may have questions about when you can contribute money for the calendar year 2017. An HSA is a tax-advantaged account that allows individuals and families to save money for medical expenses.

Here's what you need to know about contributing to your HSA for 2017:

• The deadline for contributing to your HSA for a particular tax year is typically the tax filing deadline for that year, which is usually April 15 of the following year.
• For the tax year 2017, you can make contributions to your HSA until the tax filing deadline in 2018, which is April 17, 2018. This deadline was extended by two days in 2018 due to the 15th falling on a weekend.
• Specifically for the tax year 2017, you can contribute up to $3,400 for individual coverage or $6,750 for family coverage to your HSA.
• If you are 55 or older, you can make an additional catch-up contribution of $1,000 to your HSA for 2017.
• Contributions to your HSA can be made through employer payroll deductions, personal contributions, or even from a one-time lump sum payment.
• Contributions to your HSA can be deducted from your taxable income, reducing your overall tax liability for the year.

It's important to stay informed about the contribution limits and deadlines for your HSA to maximize the benefits of this valuable savings tool. Consult with a financial advisor or tax professional for personalized guidance on managing your HSA contributions.

The contribution deadline for your Health Savings Account (HSA) in 2017 can be a bit confusing, but it's important to understand that you can make contributions until the tax filing deadline, which is usually April 15 of the following year. However, for the 2017 tax year, you were able to contribute up until April 17, 2018, thanks to a two-day extension due to the 15th falling on a weekend.