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IRS RELEASES NEW HSA LIMITS FOR 2008

The U.S. Treasury has released the contribution limits for 2008.

2008 Contribution Limits

Individual

Family

Minimum Deductible

$1,100

$2,200

Maximum Out-of-pocket

$5,600

$11,200

Contribution Limit

$2,900

$5,800


For more information about the 2008 limits visit:
http://ustreas.gov/offices/public-affairs/hsa/pdf/rp-2007-36.pdf

Don't forget that the 2007 legislative changes allow accountholders to contribute the maximum IRS limit, despite what their deductible may be. For more information on the 2007 guidance visit:
http://ustreas.gov/offices/public-affairs/hsa/07IndexedAmounts.shtml


End of Year Information

  • Year-end Status Report
    Provided by HSA Bank in December accountholder statements mailed in January and available through internet banking. The report reflects HSA activity with HSA Bank for 2007. If the accountholder transferred or rolled over funds from another institution, any transactions with the prior institution will not be reflected in this report. This report does not need to be filed with the IRS, it is only to assist the accountholder in filing their Federal Income Tax Return.
  • IRS Form 1099-SA
    Provided by HSA Bank in December accountholder statements mailed in January. This form reflects distribution activity throughout 2007.
  • W-2
    Provided by the employer. It will provide the total pre-tax contributions made to the HSA. The pre-tax contributions will include any employer contributions and employee pre-tax contributions.
  • IRS Form 5498-SA
    Will be sent to the accountholder in January and to the IRS between April 15, 2008 and May 31, 2008. This form serves as a confirmation of the total contributions attributable to tax year 2007. Reminder: Accountholders have until April 15 to make contributions for the prior year. Those accountholders making 2007 contributions in 2008 will receive another 5498-SA in May.
  • IRS Form 8889
    Available on the IRS website. This form must be completed and attached to IRS Form 1040 when filing Federal Income Tax Return.