New HSA limits for 2017
A health savings account (HSA) allows taxpayers to set aside funds for health expenses. A deduction for the amount contributed is allowed as a deduction up to the limit allowed by the Code. This deduction is indexed to inflation and the IRS just announced the amounts allowed for 2017 as:
- Singles – $3,400 up from $3,350
- Family – $6,750 (no change from 2016)
Annual minimum deductibles remain the same at $1,300 (singles) and $2,600 (family) and the maximum out-of-pocket remains the same at $6,550 and $13,100.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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