HSA Contribution Deadline Extended to July 15
The federal income tax return filing deadline has been postponed from April 15, 2020 to July 15, 2020. This extension follows Notice 2020-18, in which the Treasury Department and the Internal Revenue Service (IRS) announced special Federal income tax return filing and payment relief in response to the ongoing novel coronavirus (COVID-19) pandemic.
How this affects health savings accounts ?
The answer to this question can change depending on whether an account holder has maxed out their 2019 health savings account (HSA) contribution limit and if they've already filed their federal income tax return.
This latest change does not affect HSA eligibility. It's an additional opportunity to contribute to triple tax-advantaged health savings accounts whether someone has filed their federal income tax return or not.
Account holders have from now until the new July 15, 2020 deadline to contribute up to $3,500 as an individual and $7,000 for a family. If they are 55 or older as of December 31,2019, they can contribute an extra $1,000 in catch-up contributions.
Read more about what this deadline extension means for HSA account holders and filing taxes from a Lively.com