When Must an HSA Be Setup for 2018 Contributions?

For those looking to make HSA contributions for the year 2018, it's important to be aware of the deadlines and requirements for setting up an HSA account. To make contributions for the 2018 tax year, the HSA must be established by April 15, 2019, which is the tax filing deadline for the previous year.

Setting up an HSA account involves selecting a financial institution that offers HSA accounts, completing the necessary paperwork, and funding the account to start making contributions. It's essential to ensure that you meet the eligibility criteria for an HSA, such as being enrolled in a high-deductible health plan (HDHP).

Here are some key points to remember:

• Deadline for setting up HSA for 2018 contributions: April 15, 2019
• Choose a financial institution that offers HSA accounts
• Complete the required paperwork to open the HSA account
• Fund the account to start making contributions
• Verify eligibility for HSA contributions, including being enrolled in an HDHP

If you're planning to take advantage of HSA contributions for the 2018 tax year, it's crucial to remember that the HSA account must be set up by April 15, 2019. This date not only concerns contributions but also plays a key role in ensuring your finances are in good standing when tax season rolls around.