April 15 is not just Tax Day. It’s also the deadline for most individual retirement accounts (IRAS) contributions, including traditional and Roth IRAs. You can still catch up contributing to your IRAs and HSAs a couple of days from now.
Here are the contribution limits for IRA to keep in mind:
- $7,000 – if you are under age 50
- $8,000 – if you are 50 and older
- $1,000 – annual catch-up contribution if you are 50 and older
For Health Savings Account (HSA), stay within:
- $4,150 for self-only coverage
- $8,300 for family coverage
- $1,000 – annual catch-up contribution if you are 55 and older
Even if you have already filed your taxes, you can still make a contribution and amend your return to claim the additional deduction.
Need Help? Contact Legend Fusions
If you are unsure about how to make your IRA or HSA work best for your situation, our experts are here to guide you. At Legend Fusions USA, we help individuals and families maximize their tax-savings while building a secure financial future.
Contact us today to schedule a free consultation!
Reviewed by:
Hira Asif
Hira Asif, Client Manager (US) at Legend Fusions, brings over 11 years of tax expertise, including 8 years with Ernst & Young. Her work focuses on tax advisory, compliance, and planning for individuals, partnerships, and private equity funds. With a deep knowledge of federal, state, and local tax regulations, Hira is skilled in identifying tax planning opportunities and reviewing corporate and partnership tax returns to optimize compliance and reduce exposures.