When Must Contributions to an HSA be Made? Understanding HSA Contribution Deadlines

Health Savings Accounts (HSAs) are a valuable tool for saving money tax-free for medical expenses. One key aspect of managing an HSA is understanding when contributions must be made.

Contributions to an HSA can be made up until the tax filing deadline for the previous year's taxes. For most individuals, this deadline is April 15th. However, some extensions may apply based on individual circumstances.

It's important to note that HSA contributions can be made regularly throughout the year, up to the annual contribution limit set by the IRS. For 2021, the contribution limit for an individual is $3,600, and for a family, it is $7,200.

Employers may also make contributions to an employee's HSA, which can provide additional funds for medical expenses. These contributions must be made by the employer's tax filing deadline.

Understanding the timeline for contributions to your Health Savings Account (HSA) is crucial for maximizing your savings. Remember, you have until the tax filing deadline—typically April 15th of the following year—to make your contributions for the previous year.