IRS Announces 2012 Deduction Limitations On Contributions to High-Deductible HSAs

The 2012 deduction limitation on contributions to a high-deductible health savings account for an individual with self-only coverage is $3,100, the Internal Revenue Service announced May 13 in Revenue Procedure 2011-32.

For family coverage under a high-deductible plan, the calendar year 2012 inflation-adjusted amount is $6,250, IRS said.

Further, the definition of a high-deductible health plan in CY 2012 under tax code Section 223(c)(2)(A) is the same as in CY 2011, IRS said. Such plans have an annual deductible that is at least $1,200 for self-only coverage and $2,400 for family coverage, with annual deductibles, copayments, and other ...