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First, HSA contribution limits increased by $50 in 2022 for self-only coverage, from $3,600 to $3,650. Folks with family plans can contribute up to $7,300 in 2022, which is $100 up from 2021.
For individuals ages 50 or older, the annual contribution limit for the 2023 tax year was $7,500 or the total taxable compensation if less than $7,500. 2. Tax-Deductible HSA Contributions
The average combined HSA contribution was $927 less than the statutory maximum for individual coverage and $4,527 less than the maximum for family coverage, according to the report.
A taxpayer can generally make contributions to a health savings account for a given tax year until the deadline for filing the individual's income tax returns for that year, which is typically April 15. [25] All contributions to a health savings account from both the employer and the employee count toward the annual maximum.
According to a study by the Employee Benefit Research Institute, only 12% of HSA account holders in 2021 invested the funds within their HSA. Simply making the choice to invest the funds puts you ...
Learn how contributions to your health savings account (HSA) can be tax deductible, helping you save on healthcare expenses and reduce your taxable income.