Taxpayers who have healthcare coverage under a High Deductible Health Plan (HDHP) may qualify for tax relief from the Internal Revenue Service.
HDHPs, health insurance plans with lower premiums and higher deductibles than a traditional health plan, are a requirement for having a health savings account.
The IRS recently announced relief for taxpayers with family coverage under an HDHP, who contribute to a Health Savings Account (HSA). They may now treat $6,900 as the maximum deductible HSA contribution.
A change in the inflation adjustment calculations for 2018 under the Tax Cuts and Jobs Act reduced the maximum deductible HSA contribution for taxpayers with family coverage under an HDHP by $50, to $6,850.
Thanks to the recent IRS announcement, Revenue Procedure 2018-27, this relief for affected taxpayers allows the $6,900 limitation to remain in effect for 2018.
Understanding the new tax law and HDHP maximum deductions can be confusing. Our team is ready to start the conversation and happy to help. Contact the Zinner & Co. tax professionals at mailto:info@zinnerco.com or at 216.831.0733.