If you collect your receipts from eligible expenses throughout the year, you can make one big transaction at the end of the tax year to earn your tax benefits.
Remember, there is no time requirement for how long your contribution has to stay in your HSA. You can put money into your account and file a reimbursement claim as soon as that money as processed, and you’ll still count the contributions on your taxes.
How to make only one contribution and withdrawal per year
Here are the steps to make one contribution per year and still receive tax benefits:
Save your eligible expense receipts throughout the year. You can use the My Records and Receipts tool to help with this.
At any point in the tax year, add your receipts together.
Make a contribution to your HSA for the total of your receipts
Once the contribution is processed into your account, file a reimbursement claim for that same amount.
By doing this, you will reduce your taxable income by however much you put into your account. It could help lower your overall tax bill or increase your refund.