The Deadline Is Near for Adding Money to These 3 Accounts

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Larisa Rudenko /

The clock is ticking if you plan to add cash to some key accounts and have the activity count for your 2021 taxes.

You have until April 15 to make 2021 contributions to a health savings account (HSA) or an Archer medical savings account (MSA), according to the IRS.

Note that this deadline falls a few days before Tax Day, which is April 18 this year (or April 19 if you live in Maine or Massachusetts). So, if you want to make a last-minute contribution between April 16 and April 18, you will be too late.

You have a bit more time — until April 18 — to contribute to an individual retirement account (IRA), Roth or traditional.

Contributing to most of these accounts by their deadline can lower the tax bill or increase the refund you get on this spring’s return. That is because aside from the Roth IRA, the money that goes into these accounts earns you tax breaks for the year for which you contribute the money.

For example, if you contribute to a traditional IRA by April 18, you can deduct it on your 2021 tax return (assuming you designated the contribution as being for the 2021 tax year as opposed to the 2022 tax year).

If you already have filed your 2021 return and still want to contribute to an HSA, Archer MSA or traditional IRA for 2021, you can do so and then file an amended tax return.

For more on these deadlines, check out “8 Financial Dates and Deadlines in April 2022.”

2021 contribution limits

The 2021 base contribution limits for HSAs are $3,600 for someone with self-only coverage through a high-deductible health insurance plan and $7,200 for those with family coverage under a high-deductible plan. People who are 55 or older can contribute an additional $1,000 to an HSA.

The contribution limits for Archer MSAs, which also are for people with high-deductible health plans, are a percentage of a taxpayer’s annual deductible — generally, 65% for those with self-only coverage and 75% for family coverage.

For IRAs, the 2021 base contribution limit is $6,000. People who are 50 or older can contribute an additional $1,000.

Getting rich in 2022

Now that you are tidying up the final details of your 2021 financial life, it’s time to get serious about making 2022 better. Commit to learning more about money by enrolling in the Money Talks News course Money Made Simple.

MTN founder Stacy Johnson offers 14 weeks of lessons on money basics in this course. You will learn how to improve your financial life in all the following areas:

  • Budgeting
  • Banking
  • Credit
  • Taxes
  • Insurance
  • Investing
  • Real estate
  • Estate planning

After finishing these lessons, you will be ready to manage money more efficiently while spending less time getting the results you want. As Stacy writes:

“Whatever your situation, understanding and learning to control your money is going to improve your life. If you’re rich, you want to stay that way. If you’re not, you want to get that way.”

Get smarter with your money!

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