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dvsdad99
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Can i make a contribution to my hsa to lower my 2018 tax liability? If so, where do I do that?

 
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Can i make a contribution to my hsa to lower my 2018 tax liability? If so, where do I do that?

If

  • you were under HDHP coverage (High Deductible Health Insurance) in 2018 and
  • you did not have conflicting coverage (like regular employer-sponsored health insurance or Medicare) and
  • you have room left under your annual HSA contribution limit for 2018 (i.e., if your limit was $3,450, that you haven't contributed that full amount yet)

then you can contribute now (until April 15th) an amount for your HSA in 2018. To do this:

  • if you don't have an HSA yet, ask the HSA custodian to create one for you
  • send the HSA custodian the contribution, making it clear that the contribution is for 2018 (because, by default, the custodian would make it for 2019)
  • ensure that whatever contributions you made in 2018 plus this new contribution do not exceed the annual HSA contribution limit for 2018
  • enter the HSA interview (do a Search for hsa (lower case) and jump to it), and on the screen where it says "Let's enter [name]'s HSA contributions" (see screenshot below), enter your new 2018 contribution in the second line as a "personal" contribution.

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2 Replies

Can i make a contribution to my hsa to lower my 2018 tax liability? If so, where do I do that?

If

  • you were under HDHP coverage (High Deductible Health Insurance) in 2018 and
  • you did not have conflicting coverage (like regular employer-sponsored health insurance or Medicare) and
  • you have room left under your annual HSA contribution limit for 2018 (i.e., if your limit was $3,450, that you haven't contributed that full amount yet)

then you can contribute now (until April 15th) an amount for your HSA in 2018. To do this:

  • if you don't have an HSA yet, ask the HSA custodian to create one for you
  • send the HSA custodian the contribution, making it clear that the contribution is for 2018 (because, by default, the custodian would make it for 2019)
  • ensure that whatever contributions you made in 2018 plus this new contribution do not exceed the annual HSA contribution limit for 2018
  • enter the HSA interview (do a Search for hsa (lower case) and jump to it), and on the screen where it says "Let's enter [name]'s HSA contributions" (see screenshot below), enter your new 2018 contribution in the second line as a "personal" contribution.

Can i make a contribution to my hsa to lower my 2018 tax liability? If so, where do I do that?

Can you post a screenshot of where to enter this in TurboTax Home & Business.  Thanks.
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