The Internal Revenue Service today announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who contribute to a Health Savings Account (HSA). For 2018, taxpayers with family coverage under an HDHP may treat $6,900 as the maximum deductible HSA contribution.
A change in the inflation adjustment calculations for 2018 under the Tax Cuts and Jobs Act, reduced the maximum deductible HSA contribution for taxpayers with family coverage under an HDHP by $50, to $6,850.
Revenue Procedure 2018-27 announces this relief for affected taxpayers and allows the $6,900 limitation to remain in effect for 2018. The $6,900 annual limitation was originally published in Revenue Procedure 2017-37.
For more information about the Tax Cuts and Jobs Act enacted in Dec. 2017, visit the IRS’s Tax Reform page on IRS.gov.
We hope you find this information helpful. Please contact us at 239.433.5554 if you have any questions about this or other tax-related updates.