IRAs and HSAs – You Can Still Contribute for 2015


2015 is over, but you can still contribute money to certain plans and treat it as a 2015 contribution for tax purposes. IRAs and HSAs are a great example. If you have a qualifying high deductible health plan, you can make tax deductible contributions to an HSA to be used for qualifying medical expenses either right away or years down the road. Traditional IRA contributions help you save for retirement and are usually tax deductible unless you are covered by an employer’s retirement plan and exceed certain income thresholds. Roth IRA contributions are not deductible now, but they are not taxable when withdrawn in retirement, so any appreciation is tax free. For all three of these types of plans, you can make 2015 contributions up through the filing deadline for your tax return – April 18, 2016.