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IRS Announces 2021 Contribution and Expense Limits for HSAs and HDHPs

Posted by Zinner & Co. Tax Team on Jun 23, 2020 4:37:49 PM

In late June, the Internal Revenue Service issued Revenue Procedure 2020-32, in which they set Health Savings Account contribution limits for calendar year 2021, along with minimum deductible and maximum out-of-pocket expenses for the High Deductible Health Plans, with which HSAs are paired.

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Topics: HSA, IRS, HDHP

IRS Issues Inflation-Adjusted Limits for HSA Deductions for 2020

Posted by Zinner & Co. on May 30, 2019 10:46:00 AM

Health Savings Accounts (HSAs) are a type of medical savings account that allows eligible individuals to make deductible contributions and withdraw tax-free disbursements for the payment of eligible medical expenses. Each year the IRS evaluates the limitation amounts on HSA deductions based for inflation.

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Topics: HSA, IRS, health care

Do You Have an HSA? What you need to know about the 2018 limits

Posted by Zinner & Co. on Jun 21, 2017 6:03:00 PM

The 2018 health savings account (HSA) guidelines were recently released by the Internal Revenue Service (IRS). These guidelines outline the inflation-adjusted contribution, deductible, and out-of-pocket spending limits for Health Savings Accounts (HSAs) and high-deductible health plans (HDHPs) for calendar year 2018. 

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Topics: HSA, Taxes - Planning, Rules and Returns, Taxes - Individual

Can an HSA Help You Save on Your Taxes?

Posted by Zinner & Co. Tax Department on Jan 22, 2016 2:49:22 PM

With the cost of providing employee health care benefits continuing to rise, a health savings account (HSA) might offer an appealing tax saving strategy to utilize. For eligible individuals, HSAs offer a tax-favorable way to set aside money (or have their employer do so) to pay medical expenses. To be eligible for an HSA, you must be covered by a high-deductible health plan.

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Topics: HSA

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