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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.
Health savings accounts allow you to save money for healthcare-related expenses on a tax-advantaged basis. Similar to individual retirement accounts (IRAs), the IRS limits annual contribution ...
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.
The $350 you contribute over the $3,650 that's allowed would be considered an excess HSA contribution. There are different reasons why an HSA excess contribution might occur. Typically, it can be ...
The HSA contribution limit for family coverage will be $7,750, up from $7,300. That’s roughly a 5.5% increase over 2022 contribution limits, versus just a 1.4% gain between 2021 and 2022.
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.
For family coverage, the HSA contribution limit rises to $8,300, up $550 or 7.1% from $7,750 this year. The extra catch-up contribution for account holders 55 and older remains fixed at $1,000.
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