Good News: It's Not Too Late to Fund Your 2019 HSA

Millions of Americans struggle to keep up with health-related expenses. If you're one of them, and are eligible for a health savings account (HSA), then you should know that the more money you put into one, the more tax savings you stand to reap.

HSA funds go in on a tax-free basis, so if you contribute $1,000 to your account in a given year, that's $1,000 of income the IRS won't tax you on. Your exact savings will depend on the tax bracket you fall into, but if you're in the 24% bracket, you shave $240 off your tax bill.

If you're hoping to lower your taxes in 2020, maxing out your HSA is a great way to start. But here's some more good news: If you didn't max out last year's HSA, it's actually not too late to do so. You have until this year's April 15 filing deadline to finish funding your 2019 HSA, and if you're able to sneak some additional money into that account between now and then, you could wind up much happier when you file your 2019 return.

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Source Fool.com