In response to the current coronavirus (COVID-19) emergency, the Internal Revenue Service (IRS) postponed the deadline for individuals to pay their federal income taxes from April 15, 2020 to July 15, 2020. The IRS also released additional guidance on the due date extension.
As a result of a change to the tax filing deadline, the IRS has stated that individuals now have until July 15, 2020 to make 2019 contributions to their Health Savings Account (HSA). Please note that the 2019 HSA limits have not changed.
Background
Eligible individuals can use their HSA to set aside pre-tax amounts to help pay for qualified medical expenses. The IRS puts limits on the pre-tax contributions that can be made to an HSA each year. The 2019 HSA maximum contribution amounts were as follows:
| Coverage | 2019 HSA Maximum Contribution |
| Single | $3,500 |
| Family | $7,000 |
| 55+ Catch Up | $1,000 |
Eligible individuals can make HSA contributions towards that year’s IRS limit until the deadline for filing federal income taxes, which is usually April 15th of the following year.
Extended Deadline
Since this year’s tax deadline has been pushed back, the deadline for eligible individuals to make 2019 contributions to their HSA has also been extended. In other words, if an eligible individual has not yet contributed up to the 2019 HSA maximum, they still have until July 15, 2020 to do so.
Individuals should reach out to their HSA vendor to determine how to make any additional contributions.
Additional Resources
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