When is the Deadline for HSA Contribution? - Important Info for Health Savings Account Holders

When it comes to Health Savings Accounts (HSAs), one important aspect for account holders to keep in mind is the deadline for contributions. The deadline for making contributions to your HSA varies depending on the tax year and other factors.

Typically, the deadline for making contributions for a specific tax year is the same as the tax filing deadline, usually April 15 each year.

However, there are some exceptions and important details to note:

• For the 2021 tax year, the deadline for HSA contributions is May 17, 2022, due to the extension of the tax filing deadline.
• If you have a High Deductible Health Plan (HDHP) and open an HSA mid-year, you can make a full year's contribution as long as you remain eligible for the entire following year.
• You can make contributions to your HSA up until the tax filing deadline, even if you file for an extension.
• Employer contributions to your HSA are typically due by the employer's tax filing deadline, which may differ from the individual tax filing deadline.

It's important to stay informed about the specific deadlines and rules regarding HSA contributions to take full advantage of the benefits these accounts offer.

As an HSA holder, it's crucial to remember that the deadline for contributions directly influences your tax situation. Typically, the contribution deadline coincides with the tax filing deadline, which falls on April 15 each year. However, for the 2021 tax year, you had until May 17, 2022, to make your contributions.