Time’s Running Out To Hit HSA Contribution Limits For 2018
Your contributions secured in 2017 can still be made up to the 17th of April, 2018. Why April? Because that is the tax deadline date simply known as April deadline. You can continue contributing until you are 55 years old. On such age, you are given the privilege to contribute with $1,000.00 as an added amount. But you will have to hurry on this because time is running out due to the year-end deadline.
Other factors that require you to make haste in hitting the contribution limits for 2018:
- Sudden changes in contribution rules emerged mid-year. For family contributors, contribution limits have decreased in March by $50-6,850.00 bracket. Prior to the change, the contribution limit reached a maximum of $6,900.00. So for those who have already contributed the previous rate, you are to apply for a refund on the 15th of April the following year. Mid-year changes in policies are expected to occur. Being attentive to policy platforms is a step beyond in the complex HSA contribution limits 2018 spectrum.
- 2018 is entering a year-end phase.
- Annual returns can only be consumed with a corresponding deductible figures. So delaying your contribution hit can cause the postponement of your supposed annual return.
- The HSA (Health Savings Account) demands fast action among American citizens. In fact, health care and its provision importantly secures a nation’s sustainability. In the hierarchy of needs, it ranks among the basic of the basic needs.
- The current 2018 maximum HAS contribution estimation has been deemed to see a possible increase of the maximum contribution level in 2019. Any backlogs in 2018 will certainly affect the traffic of benefits and tax distribution in 2019.
- A contribution hit on deadline will help you keep track of your deducted and paid records. Such ease eyed in 2019 would not be achievable then if you put it in this year’s context. So do what you can do for this year because the next year will totally face a new concern.