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I opened an HSA account in 2020. Can I make contributions to it before April 2020 and deduct my income for the 2019 tax filing?

 
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3 Replies
KathrynG3
Expert Alumni

I opened an HSA account in 2020. Can I make contributions to it before April 2020 and deduct my income for the 2019 tax filing?

Yes, according to IRS 2019 Publication Health Savings Accounts and Other Tax-Favored Health Plans, page 8, you can make contributions to your HSA for 2019 until April 15, 2020.

 

See pages 2-11 for more details on Health Savings Accounts.

@rashilodhi

I opened an HSA account in 2020. Can I make contributions to it before April 2020 and deduct my income for the 2019 tax filing?

Hey @KathrynG3  thanks for responding to my question. All my 2020 contributions are showing up in my 2020 1099- SA. My 2019 1099-SA is blank since I had a FSA in 2019 which is closed now. The Health Equity agent said that I can’t make any 2020 contributions to my HSA to count towards reducing my 2019 taxable income. Is that accurate? 

BillM223
Employee Tax Expert

I opened an HSA account in 2020. Can I make contributions to it before April 2020 and deduct my income for the 2019 tax filing?

"All my 2020 contributions are showing up in my 2020 1099- SA. " - that can't be right - the 1099-SA reports on distribution (money you spent), not contributions. But if you spend as much money as you put in, it may seem like the 1099-SA shows contributions.

 

"The Health Equity agent said that I can’t make any 2020 contributions to my HSA to count towards reducing my 2019 taxable income. Is that accurate? " - yes. You can't contribute to 2019's HSA if you were not eligible to do so because you had a Health FSA at the same time.

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