What are HSA limits for 2021?

IRS Revenue Procedure 2021-25 has the official numbers for 2022: You can contribute $3,650 for individual coverage, up from $3,600 for 2021, or $7,300 for family coverage, up from $7,200 for 2021 into an HSA. If you’re 55-plus, you can sock away an additional $1,000 a year.

Are HSA contributions tax deductible in 2021?

To contribute to an HSA, you must be covered under a high deductible health plan. For 2021, the health plan must have a deductible of at least $1,400 for self-only coverage or $2,800 for family coverage….Health Plan Minimum Deductibles.

Year Self-Only Coverage Family Coverage
2017 $1,300 $2,600

What can I use my HSA for 2021?

You can use your HSA to pay for dental cleanings and checkups, along with common procedures such as fillings, root canals, bridges, crowns, and orthodontics. You can’t use your HSA for common items like toothpaste, dental floss, or over-the-counter mouthwash.

Is there a max HSA balance?

You can only open and contribute to a HSA if you have a qualifying high-deductible health plan. For 2020, the maximum contribution amounts are $3,550 for individuals and $7,100 for family coverage.

Where does the HSA deduction go on 1040?

The HSA deduction on line 12 of Schedule 1 (1040) is ONLY for any “personal” contributions you made to the HSA, that is, contributions that you made directly to the HSA and not through your employer. This does not include any part of the code W amount.

Are there limits to how much you can contribute to a HSA plan?

An individual with family coverage under a qualifying high-deductible health plan (deductible not less than $2,800) can contribute up to $7,200 — up $100 from 2020 — for the year. The maximum out-of-pocket has been capped at $14,000. And remember, if you are age 55 or older, you can contribute an additional catch-up contribution of $1,000 per year.

Where to find qualified HSA funding distributions for 2018?

Note: UltraTax CS will subtract employer contributions reported on Screen W2, in the Income folder, in Box 12, Code W and qualified HSA funding distributions reported on Screen 1099R, in the Retirement folder, from the Total HSA/MSA contributions for 2018 field before carrying the amount to Form 8889, line 2.

What is the health savings account deduction on line 25?

On line 25 on the 1040 form, what is the Health Savings Account deduction? I paid into an HSA, shouldn’t that be deducted? The HSA deduction is a deduction that you can claim for any post-tax personal funds that were applied to your HSA.