IRS Reverts to Prior HSA Limit for Family Coverage
Marshall & Sterling E-Alerts - Keeping You in the Know
On April 27, 2018 the Internal Revenue Service (IRS) announced via Revenue Procedure 2018-27 that the maximum amount that may be contributed to an HSA by an individual with family coverage under a high deductible health plan will again be $6,900, not $6,850, for 2018.
In March of this year, the IRS released a statement reducing the annual maximum family HSA contribution to $6,850—a $50 decrease from the limitation originally provided in May 2017. However, this new announcement revokes this change and re-instates the previous number to $6,900.
The IRS states that it is reversing the change to the limitation based on stakeholder feedback that implementing the $50 reduction would impose numerous unanticipated administrative and financial burdens.
Should you have any additional questions, please do not hesitate to reach out to our team.