Agribusiness BlogFarm CPA Today

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.

 

  • Principal
  • CliftonLarsonAllen
  • Yakima, Washington
  • 509-823-2920

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 partner with CliftonLarsonAllen in Yakima, 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. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

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