What will the HSA deduction be for 2018?

When it comes to HSA (Health Savings Account) deductions for 2018, there are specific guidelines and limits set by the IRS. Understanding these deductions is crucial for anyone looking to maximize their healthcare savings. For the tax year 2018, the HSA deduction limits are as follows:

• Individual Coverage: $3,450
• Family Coverage: $6,900
• Catch-up Contribution (for ages 55 and older): Additional $1,000

It's important to note that these deduction limits apply to your contributions to an HSA for the tax year 2018. Contributions made by your employer may also factor into these limits. Taking advantage of the HSA deduction can help reduce your taxable income and save money for future medical expenses.

When it comes to Health Savings Account (HSA) deductions for the year 2018, understanding the limits set by the IRS is crucial. For those with individual coverage, the deduction limit is $3,450, while families can benefit from a higher limit of $6,900. Additionally, individuals aged 55 and older can contribute an extra $1,000 as a catch-up contribution, making this an excellent way to enhance your healthcare savings.