When is deadline for HSA contribution?

If you have a Health Savings Account (HSA) or are considering opening one, understanding the contribution deadlines is crucial to make the most of your tax-advantaged savings. The deadline for contributing to your HSA varies depending on the tax year.

Here's a breakdown of the HSA contribution deadlines:

• For the tax year 2021, you can contribute to your HSA until the tax filing deadline, which is May 17, 2022.
• For the tax year 2022, the HSA contribution deadline is typically April 15, 2023, but can be extended if that date falls on a weekend or holiday.
• If you have a high-deductible health plan (HDHP) for the full year, you can make the maximum HSA contribution regardless of when you opened the account.

It's important to note that contributions must be made by the deadline to qualify for tax deductions and other benefits associated with HSAs. Missing the deadline can result in missed tax savings opportunities.

Knowing when you can contribute to your Health Savings Account (HSA) is essential for optimizing your tax benefits. Each tax year has its own deadline for contributions, and failing to meet these dates could mean leaving money on the table in terms of tax deductions.