Deadline Extended for 2019 Health Savings Account Contributions
The IRS recently announced that the 2019 federal tax filing deadline has been extended to July 15, 2020, giving Americans more time to gather their 2019 information amidst the COVID-19 pandemic. With that extension, those who have a high deductible health plan (HDHP) paired with a health savings account (HSA), may still contribute funds and apply them as a 2019 contribution.
Normally, health savings account holders would have until tax day – April 15 – to add funds to their accounts and have it applied to the prior year. For 2019, individuals can contribute up to $3,500 into the account, with family plans maxing out at $7,000. For individuals who have an HSA and are over the age of 55, they can contribute an additional $1,000 toward their account.