Did you know that you can lower your taxes by contributing to a health savings account (HSA)? If you haven’t filed your taxes yet, you can make contributions to your HSA all the way up until the filing deadline, and you’ll be able to deduct some of those contributions on your taxes.
HSA Contribution Limits
For the 2018 tax year, the HSA contribution limits are $3450 for a single person and $6850 for a married couple. Those who are over 55 are eligible to contribute an extra $1000 in order to catch up their contributions.
One important thing to note about HSA contributions is that you, your employer, your spouse, or any of your family members are eligible to make contributions to your account. If others are contributing on your behalf, though, you’ll need to make sure that your total contributions don’t exceed the limit.
Other Limitations to Contributions
There are some other limitations that you need to consider before contributing money to your HSA. If, for example, you are on Medicare, you cannot make contributions. Also, if you have a high-deductible health plan, then the amount that you contribute may also be limited.
If you want to learn more about HSA contributions and your taxes, you can count on the tax help pros at Taxation Solutions, Inc.