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Ballast Advisors
IRS Releases 2023 Key Numbers
for Health Savings Accounts

The IRS has released the 2023 key tax numbers for health savings accounts (HSAs) and high-deductible health plans (HDHPs).

The IRS has released the 2023 contribution limits for health savings accounts (HSAs), as well as the 2023 minimum deductible and maximum out-of-pocket amounts for high-deductible health plans (HDHPs). An HSA is a tax-advantaged account that’s paired with an HDHP. An HSA offers several valuable tax benefits:

  • You may be able to make pre-tax contributions via payroll deduction through your employer, reducing your current income tax.
  •  If you make contributions on your own using after-tax dollars, they’re deductible from your federal income tax (and perhaps from your state income tax) whether you itemize or not.
  • Contributions to your HSA, and any interest or earnings, grow tax deferred. 
  • Contributions and any earnings you withdraw will be tax-free if used to pay qualified medical expenses.

Here are the key tax numbers for 2022 and 2023.

Chart with IRS Key HSA Numbers 2023

 

Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2022

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