When is the Last Day to Deposit into HSA?

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. But many people wonder about the deadline for contributing to their HSA each year. The last day to deposit into your HSA is typically the tax filing deadline for the previous year, which is usually April 15th.

However, there are exceptions to this rule:

• If you have a high deductible health plan (HDHP) through work, your employer may have a different deadline for contributions.
• If you are self-employed, your deadline may align with the tax filing deadline of April 15th.
• Contributions can be made up until the tax filing deadline, including any extensions.

Understanding the last day to deposit into your Health Savings Account (HSA) is essential for maximizing your contributions. Generally, you can contribute until the tax filing deadline, which is normally April 15th each year.

However, it's important to be aware of certain exceptions:

• If you are enrolled in a high deductible health plan (HDHP) provided by your employer, check with your HR department as they may have specific guidelines regarding contribution deadlines.
• For the self-employed, the deadline usually matches the standard tax filing deadline of April 15th, unless you file for an extension.
• Remember, if you file for a tax extension, you can also extend your HSA contributions accordingly, maximizing your savings for qualifying medical expenses.