Open HSA in 2025 and contribute for 2024?

[Wupot2020]

Hi, I currently have a HSA in my name. My wife and I are on a high deductible plan and I will contribute $9300 for 2024 which is the max allowed. This amount includes the $1k catch up. My wife is also over 55. My understanding is that she can also open a HSA in her name but only contribute $1k which is the catch up amount. I was thinking of waiting to to open her accounts in Feb once I see what our taxes will look like. Can she open the account in February 2025 and still make a contribution for 2024 or does the account need to be opened in 2024?

 

[cathy63]

I think she can open an account next Feb and make her 2024 contribution then. I don't see anything in the tax code or in Pub 979 about the account having to be open during the calendar year for which the contribution is made.

 

[qwerty3656]

The Fidelity link below says you can contribute up to April 15 of the following year.

HSA contribution limits 2024 and 2025 | Fidelity

Find out the max you can contribute to your health savings account (HSA) this year and other important HSA account rules.

www.fidelity.com

 

[Aerides]

We always do ours for the prior year when we're doing our taxes, so yup. But that's for existing accounts. You might want to open one now and then fund it next year?

 

[MichaelB]

We always do ours for the prior year when we're doing our taxes, so yup. But that's for existing accounts. You might want to open one now and then fund it next year?

That’s what I would do. There’s no downside to opening the account today,

 

[audreyh1]

When you make the contribution make sure that it’s tagged for 2024.