What are the HSA Limits for 2017?

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2017 HSA contribution limits and catch-up

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. In 2017, there were specific limits set by the IRS for contributions to HSA accounts. These limits determine how much you can save each year and benefit from tax advantages.

The HSA limits for 2017 are as follows:

• For individuals, the maximum contribution limit was $3,400.
• For families, the maximum contribution limit was $6,750.
• Individuals aged 55 and older could contribute an additional $1,000 as a catch-up contribution.

For individuals, the maximum contribution limit was set at $3,400, while families enjoyed a steeper limit of $6,750. Additionally, if you were aged 55 and older, you had the opportunity to contribute an extra $1,000 catch-up amount.

Combined contributions and IRS penalty warning

It's important to note that these limits apply to both employee and employer contributions combined. If you contribute more than the allowed limit, you may face penalties from the IRS.

Remember, these contributions encompass both what you and your employer put in, so keep an eye on these combined totals to avoid IRS penalties. By staying within these limits, not only do you enhance your savings potential, but you also unlock significant tax advantages.

Purpose of understanding the limits

By staying within the HSA limits for 2017, you can maximize your savings potential and take advantage of the tax benefits offered by these accounts.

Understanding Health Savings Accounts (HSAs) can be a game changer when it comes to managing healthcare costs. In 2017, the IRS established specific contribution limits to maximize your benefits. So, what were these limits?