The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2017. HSAs combine high-deductible health insurance plans with a medical savings account. You make tax-deductible deposits into the savings account, and later withdraw the funds to pay unreimbursed medical expenses. The 2017 contribution limit for individuals is $3,400, up $50 from 2016. The limit for family coverage is $6,750, unchanged from 2016. If you’re age 55 or older, you can also make a catch-up contribution of an additional $1,000
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.