HSA Contribution Deadline for 2015

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Can I still contribute to a health savings account for 2015? --M.S., Atlanta

Yes. You have until April 18, 2016—the deadline to file your 2015 tax return—to make your 2015 contribution. You can contribute $3,350 for individual coverage or $6,650 for family coverage (plus $1,000 if you’re 55 or older) if you had an HSA-eligible health insurance policy on December 1, 2015. Otherwise, the size of your HSA contribution is based on the number of months you had the eligible coverage. If you had an HSA-eligible policy on December 1 but not for the entire year, you can make the full contribution but must keep an HSA-eligible policy for all of 2016 to avoid taxes and a 10% penalty for the extra months’ contributions.

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As the "Ask Kim" columnist for Kiplinger's Personal Finance, Lankford receives hundreds of personal finance questions from readers every month. She is the author of Rescue Your Financial Life (McGraw-Hill, 2003), The Insurance Maze: How You Can Save Money on Insurance -- and Still Get the Coverage You Need (Kaplan, 2006), Kiplinger's Ask Kim for Money Smart Solutions (Kaplan, 2007) and The Kiplinger/BBB Personal Finance Guide for Military Families. She is frequently featured as a financial expert on television and radio, including NBC's Today Show, CNN, CNBC and National Public Radio.