When Can You Put Money into HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. One common question people have is, 'When can you put money into HSA?' Let's dive into the details:

Contributions Timelines:

Here are some key points to keep in mind:

• Contributions can be made at any time during the year.
• You can deposit funds into your HSA up to the annual contribution limit.
• If you're eligible for an HSA for the entire year, you can contribute the full amount for that year.
• Contributions can be made by you, your employer, or both.

Important Dates:

While contributions can be made throughout the year, here are some key dates to remember:

• Contributions for the current tax year can be made until the tax filing deadline, typically April 15th of the following year.
• You can make contributions for the previous tax year up until the tax filing deadline as well, as long as you were eligible for an HSA during that time.

Health Savings Accounts (HSAs) serve as a fantastic financial tool for managing healthcare costs, and understanding when you can contribute is essential. Contributions can be made at any point throughout the calendar year, allowing you flexibility in managing your finances.