Music, hi, I'm Dan Cooper. Welcome to this episode of Compliance Minute. On May 4th, 2017, the IRS issued Revenue Procedure 2017-37, which provides the 2018 contribution and coverage limits for health savings accounts (HSAs) and high deductible health plans. The annual increase in HSA contribution levels is based on cost-of-living adjustments and is effective January 1, 2018. So, what are the new limits? The 2018 HSA maximum contribution limit for an individual with self-only coverage will increase to $3,450, which is up from $3,400 in 2017. The 2018 HSA maximum contribution limit for an individual with family coverage will increase to $6,900, which is up from $6,750 in 2017. HSA catch-up contributions for those who are 55 or older will remain unchanged at $1,000. The IRS also clarified that the 2018 high deductible health plan out-of-pocket maximum limits will increase to $6,650 for individuals (self-only coverage), up from $6,550 in 2017. For family coverage, the out-of-pocket maximum will increase to $13,300 in 2018, up from $13,100 in 2017. Furthermore, the minimum annual deductibles for high deductible health plans will increase in 2018. High deductible health plans in 2018 will be required to have a minimum annual deductible of at least $1,350 for individual coverage, up from $1,300 in 2017, and at least $2,700 for family coverage, up from $2,600 in 2017. So, how is this different from last year? Well, in contrast to 2017 when only one of these amounts changed from the prior year, all of them are scheduled to increase in 2018. Additionally, the high deductible health plan minimum deductibles are increasing for the first time since 2015. Moreover, we know that because the increases to the high deductible health plan out-of-pocket maximums are larger than the increases to the HSA contribution limits, this will result in some individuals having to pay more...
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Irs 8889 2023 Form: What You Should Know
For more information, including HSA contributions in 2018, please visit and look under “Investment Options.” For more detailed information on HSA tax law, please see Part Two of the IRS tax blog or the IRS Pub 990 and Form 990 guidance. Form 1099-Misc. In 2018, the annual tax filing requirement by the IRS for non-retirement income is 3,000. For most HSA accounts that is not a significant amount of annual contributions. However, if you have more than one high-deductible health plan, then it can add up to more than 3,000. For 2019, the annual tax filing requirement by the IRS for non-retirement income is 1,050. For most HSA accounts that is not a significant amount of annual contributions. However, if you have more than one high-deductible health plan, it can add up to more than 1,050 in taxes. So, even if the HSA contribution for a single high-deductible health plan is 8,000, you will have to file Form 1099-Misc. At least once to report it. (Not all HSA tax forms need to be filed. These are not the full tax forms and do not include your Schedule H.) Some of the forms that are required include: HSA Tax Form 1095-G-RTFS — For any health maintenance organization contributions made (including those made on your behalf and employer contributions). HSA Tax Form 990-NR— For the contributions and other income from a Health Savings Account. Also check out the IRS Pub 1891 HSA for guidance on HSA and Has for 2018. Forms 990-EZ -- (for non-profit Has, you need to complete this form for the past 5 years) Also check out the IRS Pub 1891 HSA for guidance on HSA and Has for 2018. Filing for the HSA filing form to pay HSA taxes in 2018, 2019, 2020, etc.— Filing to get a refund for Has in 2023 and 2019.
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