In 2023, the maximum HSA contribution is $3,850 for individuals and $7,750 for families. In 2024, the maximum contributions increase to $4,150 for individuals and $8,300 for families. If you are 55 or older at the end of the tax year, you can contribute an additional $1,000. How...
If the employee is 55 years old or older, they can contribute $1,000 more to their HSA. Any amount that exceeds the contribution limit must be included in the individual’s gross income; if it is not, it must be reported as “other income” on the individual’s tax return. There is...
If yours doesn't, you can open a separate HSA if you have a qualifying plan. HSA contribution limits Each year, you decide how much to contribute to your HSA, though you can't exceed government-mandated maximums. In 2025, people with self-only coverage can save up to $4,300 to an ...
An HSA has a maximum contribution of $3,400 from both the employee and the employer for single employees. For employees who have dependents on their insurance plan, the contribution is $6,850. Employees age 55 or older have an additional $1,000 "catch-up" contribution. Since the employer...
Current Health Savings Account (HSA) contribution limits for single coverage, family coverage, and catch-up contributions (for those who are age 55 or older).
Stay up to date on the latest payroll tips and training Enter Your Email* Subscribe You may also be interested in: What Is FUTA Tax? Understanding the Federal Unemployment Tax Act What Is SUTA Tax? Overview of the Mandatory Payroll Tax ...
HSA Contribution Limits Contribution limits also change annually and are set by the IRS. For 2022, the maximum an individual can contribute to an HSA is $3,650. If you’re on a family HDHP, you can contribute up to $7,300 tax-free. Even if that’s a big chunk of your income, it...
HSA contribution limits in 2023 are $3,850 for individual filers and $7,750 for families. For 2024, the limits are $4,150 for single individuals and $8,300 for families. What is an FSA? An FSA also allows you to save for medical expenses, but you don't need to be enrolled in an...
The maximum amount an employer contributes should not exceed the ACA’s maximum limit for the plan year. For 2024, the IRS has announced the following: The annual contribution limitation: For the calendar year 2024, the annual limit on deductions for an individual with self-only coverage under...
an HSA, consider contributing the maximum amount yearly due to its flexibility. This would be $4,300 for an individual or $8,550 for a household in 2025. Account holders who are over age 55 or older can contribute an extra $1,000 to their HSA per year as a catch-up contribution. ...