Are you looking for ways to maximize your 2017 tax deductions? If you didn’t contribute the 2017 IRS maximum to your health savings account (HSA), there is still time to do so.
You have until Tax Day, April 17, 2018, to get the most out of this tax-advantaged account by making a prior-year contribution and have it count toward your 2017 tax deductions. The contribution limit for 2017 is $3,400 for individual health insurance coverage and $6,750 for family. If you are 55 or older, you can contribute an additional $1,000 annually to your HSA.
When making a prior-year contribution, be sure to communicate to your financial institution or HSA administrator that you want your contribution to count toward 2017. Failure to communicate will result in the deposit being a 2018 contribution.
Also note, if your employer contributed to your HSA in 2017, you must count those funds toward the 2017 contribution limits.
You will receive an updated 5498 SA tax form from your financial institution or HSA administrator reflecting any additional contributions for 2017 between January 1 and April 17, 2018.
Have questions about your HSA?
Online resources provided by The HSA Authority at Old National Bank are a good place to start. Our team is recognized for the customized HSA education we offer to individuals, employers and health insurance agents.
Ruste is the Vice President and Sales Manager for The HSA Authority powered by Old National Bank. He has 28 years of consumer and small business banking experience and leads a successful team of experts at The HSA Authority. One of the largest HSA administrators in the country, The HSA Authority partners with insurance brokers and employers to serve more than 1,200 employer groups and accounts in all 50 states.
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