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 principal 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 a combine each summer for his cousins and that is what he considers a vacation.

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