The IRS today released an advance version of Rev. Proc. 2020-32 that provides the inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2021.
Rev. Proc. 2020-32 [PDF 10 KB] provides the annual limitation on deductions under section 223(b)(2)(A) and (B) for, respectively:
For calendar year 2021, a “high deductible health plan” is defined under section 223(c)(2)(A) as a health plan:
Read TaxNewsFlash for the HSA amounts adjusted for inflation for 2020.
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