What are the form and timing requirements for HSA contributions?

Contribution deadline: An HSA must be established and HSA contributions must be made by the eligible individual’s tax return due date for the year, not including extensions (i.e., April 15). This same deadline applies regardless of who makes the contribution.

 

One or more payments are permitted: Contributions for the year can be made in one or more payments. Although the annual contribution limit is determined monthly, the maximum contribution may be made on the first day of the year.

 

Contributions other than rollovers must be in cash: Annual contributions must be made in cash. Assets from Archer MSAs and other HSAs may be rolled over in-kind to an HSA.

 

HSA contribution form: Financial organizations accepting HSA contributions must keep records of contributions. Obtaining a completed HSA contribution form from the HSA owner is essential to maintaining precise records that, in turn, generate accurate reports.

 

Aggregated contributions: All HSA contributions, regardless of who makes the contribution, are aggregated for purposes of applying the contribution limit. Qualified HSA funding distributions and Archer MSA contributions also are aggregated for purposes of applying the HSA contribution limit made for the same calendar year.