The IRS has released the 2015 inflation-adjusted deduction limitations for annual contributions to a health savings account.
The deduction limitations are updated annually to reflect cost-of-living adjustments.
In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan will $3,350.
The annual limitation on deductions for an individual with family coverage under a high-deductible health plan will be $6,650 for 2015.
A high-deductible health plan is defined as a health plan with an annual deductible that is not less than $1,300 for self-only coverage or $2,600 for family coverage, and the annual out-of-pocket expenses (including deductibles, co-payments and other amounts, but not premiums) do not exceed $6,450 for self-only coverage or $12,900 for family coverage.
Michael Cohn is the editor-in-chief of AccountingToday.com.