So, you let 2010 get away from you without making a contribution to your Health Savings Account.  But guess what, we may have rolled the dial over to the new year, but if you are looking for healthy tax deduction and some money for future health related expenses, you can still make a contribution for 2010 to your Health Savings Account.  If you are single you can contribute up to $3,050 or if you have a family HSA you can contribute up to $6,150. 

Two important items to note though.  Make sure you tell your bank when you make the deposit that the contribution is for 2010 or they are lible to mark it as a 2011 contribution.  Second, make sure you get the deposit made before April or you are out of luck.

If you are wondering if the tax deduction is worth it, chances are, it is.  As an “above the line” deduction, you can subtract the amount of your contribution from your gross income thus lowering your taxable base by the amount of the contribution.  And that’s a good thing.  At least it is for you.  

Happy New Year…and happy savings.