IRS Lowers 2018 Family HSA Contribution Limit by $50
The IRS has recalculated the HSA limit due to the Tax Cuts and Jobs Act that passed in late 2017.
The 2018 contribution limit for health savings accounts (HSAs) will be $6,850—not $6,900.
On 3/5/18 the IRS clarified that:
- Annual tax-deductible contribution limit for tax year 2018 remains at $3,450 for HSA account holders with self-only coverage through a high-deductible health plan (HDHP)
- HSAs for family coverage have been lowered to $6,850 through a high-deductible plan.
- The individual contribution is still $3,450.
- Health care flexible spending accounts (FSAs) were not affected for 2018.
These changes apply to tax year 2018. Employees who contribute to an HSA should be informed of the reduced limit.
Should you have any questions, please reach out to your FosterThomas benefits account manager or customer service representative.
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