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IRS Announces HSA Inflation Adjustment Amounts for 2015.
(Parker Tax Publishing May 20, 2014)

The IRS has provided the 2015 inflation adjusted amounts for health savings accounts. Rev. Proc. 2014-30 (4/23/14).

Within limits, an eligible individual can deduct the amount he or she contributes to a health savings account (HSA) in computing adjusted gross income on Form 1040. The limits on the amount that may be contributed are announced each year and are adjusted for inflation.

In addition, to be an eligible individual for a month, an individual must be covered under a high deductible health plan (HDHP) on the first day of that month. Generally, an HDHP is a health plan that satisfies certain requirements with respect to deductibles and out-of-pocket expenses. The out-of-pocket expense limitation is announced each year and is also adjusted for inflation.

The IRS has now announced the 2015 HSA limitations. For calendar year 2015, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,350 (up from $3,300 for 2014). For calendar year 2015, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $6,650 (up from $6,550 for 2014).

For calendar year 2015, a high deductible health plan is defined as a health plan with an annual deductible that is not less than $1,300 (up from $1,250 for 2014) for self-only coverage or $2,600 (up from $2,500 for 2014) for family coverage, and under which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $6,450 (up from $6,350 for 2014) for self-only coverage or $12,900 (up from $12,700 for 2014) for family coverage.

For a discussion of heath savings accounts, see Parker Tax ΒΆ81,100. (Staff Editor Parker Tax Publishing)

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Disclaimer: This publication does not, and is not intended to, provide legal, tax or accounting advice, and readers should consult their tax advisors concerning the application of tax laws to their particular situations. This analysis is not tax advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. The information contained herein is general in nature and based on authorities that are subject to change. Parker Tax Publishing guarantees neither the accuracy nor completeness of any information and is not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. Parker Tax Publishing assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect information contained herein.

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