What If I Can’t Pay My Taxes?May 11, 2016
SC Withholding Amounts will Change for 2017!July 5, 2016
The IRS issued the inflation-adjusted figures for calendar year 2017 for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans. Individuals who participate in a health plan with a high deductible are permitted a deduction for contributions to HSAs set up to help pay their medical expenses. The contribution deduction limit is subject to an annual inflation adjustment. For 2017, the annual limit on deductible contributions is $3,400 for individuals with self-only coverage (a $50 increase from 2016) and $6,750 for family coverage (unchanged from 2016).
To be eligible to contribute to an HSA, an individual must participate in a “high deductible health plan,” which is a health plan with an annual deductible that is not less than a certain limit each year and for which the annual out-of-pocket expenses, including deductibles, co-payments, and other amounts, but excluding premiums, does not exceed a certain limit each year. These limits are also subject to annual inflation adjustments. For 2017, the lower limit on the annual deductible under a high-deductible plan is $1,300 for self-only coverage and $2,600 for family coverage, the same as for 2016. The upper limit for out-of-pocket expenses is $6,550 for self-only coverage and $13,100 for family coverage, both unchanged from 2016.