As we approach the filing deadline for 2023 individual tax returns, we want to remind you that there is still time to make contributions to your Individual Retirement Account (IRA) and Health Savings Account (HSA) for the 2023 tax year. The IRS allows contributions for a given year anytime between January 1 and the tax-filing deadline of the following year. The filing deadline for 2023 is April 15, 2024, so you still have a couple of weeks to make 2023 contributions and potentially reduce your tax burden.


For 2023, the total contributions you can make to your traditional and Roth IRAs is $6,500, or $7,500 if you are age 50 or older. It is important to note that these limits apply to the total contributions to all your IRAs, not to each individual account.

The deduction for your traditional IRA contribution may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.


For 2023, HSA contribution limits are $3,850 for self-only coverage and $7,750 for family coverage. Those aged 55 and older can contribute an additional $1,000 as a catch-up contribution.

HSAs offer a triple tax advantage: contributions are tax-deductible, the money grows tax-free, and withdrawals for qualified medical expenses are also tax-free. It’s important to remember that to contribute to an HSA, you must be enrolled in a high-deductible health plan.

Deadline Fast Approaching

Remember, you have until the tax filing deadline to contribute to your IRA and HSA for the previous tax year. So, there is still time to make contributions and potentially max out your IRA and HSA for the 2023 tax year.

As always, it is recommended you consult with your KT tax advisor if you have any questions about your IRA and HSA contributions.