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HSA Eligibility for Retirement-Age Individuals

June 19, 2018

Authors

Meredith Jacobowitz and Sarah Bhagwandin

HSA Eligibility for Retirement-Age Individuals

June 19, 2018

by: Meredith Jacobowitz and Sarah Bhagwandin

Employers who offer high deductible health insurance plans to their employees typically also offer Health Savings Accounts (“HSAs”). HSAs allow employees to pay for uninsured medical expenses with pre-tax dollars and are set-up under Internal Revenue Code Section 223. HSAs are subject to annual contribution limits—single individuals may contribute up to $3,450 for 2018, families may contribute up to $6,900 for 2018, and individuals over the age of 55 may contribute an extra “catch-up contribution.” In most years, determining an employee’s maximum allowable contribution to an HSA is straightforward—an employee is either covered by a high deductible health plan or not, their spouse or dependent(s) are either covered by a high deductible health plan or not, and the employee is either at least age 55 or younger. However, in the year that an individual turns 65, determining the maximum allowable HSA contribution can become tricky. Read on to learn more

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2018 Qualified Plan Limits Released

October 19, 2017

Authors

Julie Wagner and Sarah Bhagwandin

2018 Qualified Plan Limits Released

October 19, 2017

by: Julie Wagner and Sarah Bhagwandin

The Internal Revenue Service today released the 2018 dollar limits for retirement plans, as adjusted under Code Section 415(d). We have summarized the new limits (along with the limits from the last few years) in the chart below.

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*For taxable years beginning after 12/31/12, an employer must withhold Additional Medicare Tax on wages or compensation paid to an employee in excess of $200,000 in a calendar year for single/head of household filing status ($250,000 for married filing jointly).

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