HSA Contribution Limits
Health savings accounts allow you to legally avoid federal income tax by saving up to $3,600 for singles or $7,200 for families, into your HSA health plans account for 2021.*
Contributions are Tax Deductible
HSAs don’t have a minimum deposit requirement. Whatever you deposit into your account by April 15 of every year (July 15th for 2021) is an above-the-line tax deduction for the previous year’s income taxes.
Even if you take the standard deduction and don’t itemize deductions, you’ll get a federal income tax deduction on anything you contribute. This tax deduction has no limitations on the amount or source of income, and it is available to everyone.
Pro-rated Deductibility if You Cancel Your Insurance
Most states also allow a state income tax deduction on HSA health plan contributions. To see if your state offers tax deductions, please see our HSA State Income Tax page.
IMPORTANT REMINDER for 2021 Taxes: The deadline for contributions is April 15, 2022. An individual can deposit up to $3,600 into an HSA-qualified account, while a family can deposit up to $7,200. You can deposit as little or as much as you’d like (without going over), and if you don’t use the money, it simply rolls over for the next year.
* Individuals age 55 and over may deposit into their account (and take a tax deduction on) an additional catch-up contribution of $1,000.
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