2014 HSA Contribution Amounts

On Friday, the IRS announced the maximum HSA contribution amounts for 2014, as well as what qualifies as a High Deductible Health Plan (HDHP) for 2014.

2014:

Maximum Contributions: $3,300 Self-Only, $6,550 Family Coverage

Minimum Deductible for HDPD: $1,250 Self-Only, $2,500 Family Coverage

As a reminder, here are the limits that apply for 2013:

Maximum Contributions: $3,250 Self-Only, $6,450 Family Coverage

Minimum Deductible for HDPD: $1,250 Self-Only, $2,500 Family Coverage

HSA contributions can be made up to the due date of the tax return, not including extensions.

2013 Deduction and Income Limits

This is the second in a two part series on the 2013 inflation adjusted limits released by the IRS last week.

  • The annual amount allowed to be given as a gift without requiring a gift tax return increased to $14,000 for 2013, up from $13,000 for 2012.
  • A high deductible health plan for HSA purposes must have
    • A minimum annual deductible of $1,250 for self-only coverage, and $2,500 for family coverage.
    • A maximum annual deductible and out of pocket expense limit of $6,250 for self-0nly coverage and $12,500 for family coverage
  • The maximum HSA contribution allowed in 2013 is
    • $3,250 for self-only coverage ($4,250 for those age 55 or over)
    • $6,450 for family coverage ($7,450 for those age 55 or over)
  • The adjusted gross income at which eligibility for Roth IRA contributions begin to phase out is $112,000 for single filers, $178,000 for those married filing joint.
  • Roth IRA contributions are not allowed for those with AGI of $127,000 and above for single filers, and $188,000 and above for those married filing joint.

We expect more updates to be released in the coming months, and we’ll bring them to you as they are available.