Last Call for IRA and HSA Contributions!
With the April 15th tax deadline fast approaching, you may be searching for ways to lower your 2024 adjusted gross income. Good news! You can still make contributions to your Health Savings Account (HSA) and Individual Retirement Account (IRA) right up until the tax filing deadline. If you haven’t fully maximized your contributions from last year, now is the perfect opportunity to maximize the benefits of your tax-advantaged accounts. Doing so could lower your adjusted gross income and potentially decrease your tax bill. Consider these last-minute tax-saving strategies:
Maximize your Individual Retirement Plan Contributions
Maximizing your IRA contributions may help lower your adjusted gross income and you can contribute to your Individual Retirement Plan (IRA) for the 2024 tax year up until the tax filing deadline. The 2024 maximum IRA contributions are: $7,000, with an additional $1,000 allowed for individuals aged 50 and over.
Contribute to Your Health Savings Account
If you have a high-deductible health plan, consider making a last-minute contribution to your 2024 health savings account (HSA) before the tax deadline.
Your HSA offers a triple tax benefit: a tax deduction for contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses. Your extra contribution can also help strengthen your account balance, better preparing you for healthcare costs—whether they arise tomorrow, next year, or during your retirement years.
For 2024, the HSA contribution limits are $4,150 for self-only coverage and $8,300 for family coverage. If you’re aged 55 and older, you can contribute an additional $1,000 as a catch-up contribution.
Every little bit counts
Regardless of the amount you decide to contribute—doing so could make April 15th a little less daunting and a lot more rewarding. Each contribution is a step towards greater financial security, providing you with peace of mind knowing you’re prepared for future expenses.
Don’t delay, make your contributions today.
To make a 2024 contribution to your BPAS HSA or IRA, access your online account —u.bpas.com—and complete the one-time ACH contribution. Be sure to designate that the contribution is for the 2024 tax year and complete as soon as possible to avoid any delay or complications.
For more information on tax-advantaged savings accounts, visit BPAS University at u.bpas.com.