If you have enrolled in an HSA plan with your employer, you could always contribute to your HSA account via payroll on a regular basis. What happen if you change your mind and want to add more money? Great news - whether it's for your prior year's allocation or current year's election, you can do so via Twic!
1. Log into your Twic Portal.
2. Go to Accounts → Health Savings Account → Manage → Pay Myself.
3. You will be directed to a new page that shows your HSA Account Details. Go to Contributions --> Add Contributions.
4. Fill in all required information to fund your HSA.
Please note that there is a deadline to make contributions allocated to your previous year' HSA. Yearly contributions should be made by your tax filing deadline.
The deadline to make contributions to an HSA for a tax year is typically April 15 of the following year. Per IRS recently released Notice 2021-21, the due date for Federal income tax returns has been postponed to May 17, 2021, which automatically extends the deadline for making 2020 contributions to health savings accounts (HSAs) to May 17, 2021.
If you are unable to add contributions via the online portal, please send the Contribution Form to the bank along with the funding check.
Please also note that for contributions made outside of payroll, you are funding your HSA with after-tax money. To enjoy the income tax deduction, you get to deduct your contributions on your tax return (line 25 on Form 1040.) For more details about HSA-related tax forms, please see HERE.