The IRS has announced the annual limits on deductions for contributions to Health Savings Accounts (HSA) allowed to taxpayers in High Deductible Health Plans (HDHP) for the calendar year 2024.
The taxpayer must be a participant in an HDHP to receive deductions for contributions to an HSA. HDHPs are health plans that meet certain requirements related to their annual deductible and out-of-pocket expenses.
For 2024, the annual limit on deductions are as follows:
- An individual with self-only coverage under an HDHP is $4,150 ($3,850 in 2023)
- An individual with family coverage under an HDHP is $8,300 ($7,750 in 2023)