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.