Will HSAs Still Be Deductible in 2018 Tax Filings?

Health Savings Accounts (HSAs) have been a popular choice for many individuals looking to save for medical expenses while enjoying tax benefits. One common question that arises is whether HSAs will still be deductible in 2018 tax filings.

As of now, the answer is yes, HSAs will still be deductible in 2018 tax filings. Here are some key points to keep in mind:

• Contributions to HSAs are tax-deductible, meaning you can lower your taxable income by contributing to your HSA.
• For 2018, the maximum contribution limits for HSAs are $3,450 for individuals and $6,900 for families.
• Individuals aged 55 and older can make an additional catch-up contribution of $1,000.
• HSAs offer triple tax benefits - contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free.

It's important to note that HSA eligibility is tied to being enrolled in a high-deductible health plan (HDHP). If you meet the requirements for an HDHP, you are likely eligible for an HSA.

Overall, HSAs continue to be a valuable tool for saving for healthcare costs and reducing tax liability. Be sure to consult with a tax professional or financial advisor to fully understand how HSAs can benefit you in your 2018 tax filings.

Health Savings Accounts (HSAs) are an effective way to manage and save for healthcare expenses while taking advantage of beneficial tax deductions. Yes, HSAs remain deductible for your 2018 tax filings, and this provides a fantastic opportunity for individuals to decrease their tax burden.