How Much Can I Deposit to HSA in 2017?

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2017 HSA contribution limits set by IRS

Are you wondering how much you can contribute to your Health Savings Account (HSA) in 2017? Well, the contribution limits for HSAs can vary from year to year. In 2017, the maximum amount you could deposit into your HSA is set by the IRS.

For 2017, the contribution limit for individuals with self-only coverage is $3,400, and for those with family coverage, the limit is $6,750. It's important to be aware of these limits, as exceeding them can result in tax penalties.

Pre-tax HSA contributions and qualified medical use

Contributions to an HSA are made on a pre-tax basis, meaning the money you deposit is not subject to federal income tax. Additionally, the funds in your HSA can be used to pay for qualified medical expenses, such as doctor visits, prescriptions, and more.

Reminder: limits can change yearly

Are you curious about the contribution limits for your Health Savings Account (HSA) in 2017? It's essential to know that these limits can change annually. For 2017, the IRS has set the maximum contribution at $3,400 for individuals with self-only coverage and $6,750 for family coverage. Keep these figures in mind when planning your contributions to avoid potential tax penalties!