For the 2018 tax year, you can make a deductible HSA contribution of up to $3,450 if you had qualifying self-only coverage last year or up to $6,900 if you had family coverage (anything other than self-only coverage). If you were age 55 or older as of Dec. 31, 2018, the maximum contribution is increased by $1,000.

Can you deduct HSA contributions?

You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you don’t itemize your deductions on Schedule A (Form 1040). Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income.

What is the HSA deduction for 2019?

$3,500
Consumers can contribute up to the annual maximum amount as determined by the IRS. Maximum contribution amounts for 2019 are $3,500 for self-only and $7,000 for families.

What’s the maximum deduction for a HSA in 2018?

The limits for HSAs in 2018 depend on what type of policy coverage you have. If you’re younger than age 55 and have an individual policy, the limit for 2018 is $3,450. Family policies offer a maximum deduction of double that amount, or $6,850.

When is the deadline for filing the 2018 HSA form?

The 2018 versions of the form and instructions are largely unchanged from the 2017 versions, but they have been updated to reflect the 2018 HSA contribution limits (see our Checkpoint article) and filing deadline (April 15, 2019), which is also the deadline for making HSA contributions for 2018.

How to claim the federal tax deduction for an HSA contribution?

Tax Reporting. To claim a deduction for your HSA contributions, you have to first complete Form 8889. Include both the contributions you made and the contributions made by your employer. The amount you can deduct appears on Line 13.

Is there a limit on FSA contributions for 2018?

See the SHRM Online article 2018 FSA Contribution Cap Rises to $2,650. Those covered by an HSA-eligible health plan on Dec. 1 of a given year are considered eligible individuals for the entire year and may contribute the entire year’s contribution to their HSA instead of making pro rata contributions by month.