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If I want to reduce my 2018 tax liability and adjusted gross income, will making a "catch-up" contribution now, to my 2018 HSA, reduce this? Any way to know how much?

 
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If I want to reduce my 2018 tax liability and adjusted gross income, will making a "catch-up" contribution now, to my 2018 HSA, reduce this? Any way to know how much?

If you are able to make a contribution now (before April 15, 2019) to 2018 without exceeding the HSA contribution limit for 2018, then, yes, you are able to much such contribution and reduce your tax liability for 2018.

Note that if you have already contributed the max allowed in 2018 for 2018, then you cannot contribute any more in 2019 to 2018.

As for how much, your savings will generally be your marginal tax rate times the size of the allowed contribution. Since I have no idea what your marginal tax rate is, I can't give you a more precise answer.

NOTE: when you make this contribution for 2018, you must make sure that the HSA custodian understands that it is for 2018, because their default will be to make it for the current year, 2019.

 

Edited 3/23/2020 11:05 am CDT - clarified year]

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If I want to reduce my 2018 tax liability and adjusted gross income, will making a "catch-up" contribution now, to my 2018 HSA, reduce this? Any way to know how much?

If you are able to make a contribution now (before April 15, 2019) to 2018 without exceeding the HSA contribution limit for 2018, then, yes, you are able to much such contribution and reduce your tax liability for 2018.

Note that if you have already contributed the max allowed in 2018 for 2018, then you cannot contribute any more in 2019 to 2018.

As for how much, your savings will generally be your marginal tax rate times the size of the allowed contribution. Since I have no idea what your marginal tax rate is, I can't give you a more precise answer.

NOTE: when you make this contribution for 2018, you must make sure that the HSA custodian understands that it is for 2018, because their default will be to make it for the current year, 2019.

 

Edited 3/23/2020 11:05 am CDT - clarified year]

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