2016 Health Savings Account Tax Deduction Amounts

The annual limit on tax deductions that individuals can take for contributions they make to health savings accounts, or HSAs, will be $6,750 (increased from 2015) for family coverage under a high-deductible health plan, and $3,350 (same as 2015) for employee-only coverage under a high-deductible health plan. 
A high-deductible health plan is a plan with an annual deductible that is at least $1,300 for employee-only coverage or $2,600 for family coverage, with annual out-of-pocket expenses that do not exceed $6,550 for employee-only coverage and $13,100 for family coverage.  Deductibles are the same as for 2015, but these out-of-pocket limits are increased from 2015.

The IRS sets HSA contribution limits annually based upon cost-of-living adjustments. These increases will take effect in January 2016.

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HR Administrator Kris Benson, Reid Supply Company

We use the provided tax summary reports to summarize the required tax payments which we process through EFTPS, which takes less than 15 minutes each payroll for all companies combined.