IRS will allow people to put away more money in health savings accounts in 2021
The IRS has raised the contribution limits for health savings accounts, a tax-favorable way to help cover qualified medical expenses.
In 2021, you’ll be able to stash up to $3,600 into an HSA if you have self-only coverage through a high-deductible health plan. Accountholders with family plans can save up to $7,200. Amounts saved in an HSA roll over from one year to the next. You can use your funds to cover health care costs in the present or in retirement – and do so free of taxes.Next year, the IRS will allow people to put away even more money in health savings accounts, a tax-advantaged account you can use forHealth savings accounts work alongside high deductible health plans.
Workplace HSAs have a fourth surprise benefit: Pretax contributions you make to your HSA, as well as contributions your employer makes to the account, avoid Social Security and Medicare taxes. In 2021, the HSA contribution limit will rise to $3,600 for people with self-only coverage in a high deductible plan. That's up from $3,550 in 2020.Accountholders who are over age 55 can save an extra $1,000 annually as a catch-up contribution.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Why the Uncle Joe-Can’t-Internet Criticism Is Mostly MalarkeyOf course Biden is losing the internet, writes PeterHamby. But he'll lose in November if he chases virality and follower counts that don’t actually grow support among voters, and he’ll lose if he tries to Xerox another candidate’s playbook
Weiterlesen »
IRS recalling more employees starting June 1The IRS is requiring some of its workforce to get back to their jobs after having been evacuated at the end of March due to the coronavirus pandemic
Weiterlesen »
You Can Now Call The IRS To Ask About Your Stimulus Check, But Don’t Hold Your BreathThe IRS announced that it is adding phone support staff to answer questions about those $1,200 direct payments.
Weiterlesen »
You Can Now Call The IRS To Ask About Your Stimulus Check, But Don’t Hold Your BreathThe IRS announced that it is adding phone support staff to answer questions about those $1,200 direct payments.
Weiterlesen »
Coronavirus and pretax savings: If you can't use it and might lose it, here's what to doThe IRS and the coronavirus relief act provide employees with more options so people don't lose unspent money in flexible spending accounts at the end of the year.
Weiterlesen »
These are the 3 best uses for a high-yield savings accountWith compound interest in a high-yield savings account, you earn more than in a traditional account. CNBC Select breaks down the three best uses for stashing your cash.
Weiterlesen »