IRS Raises 2014 Tax Deductions for Health Savings Accounts on High-Deductible Plans

The Internal Revenue Service has slightly raised the deduction limit on health savings accounts for high-deductible health plans for 2014.

Individuals may deduct $3,300 from self-only HDHPs from their taxes, up from 2013's limit of $3,250. Family-coverage HDHPs qualify for a $6,550 tax-deduction cap, $100 higher than the $6,450 limit for 2013.

The IRS considers qualifying HDHPs as those with annual deductibles of $1,250 or more for self-coverage or $2,500 for families, and total annual deductibles, copays and other out-of-pocket expenses excluding premiums as less than $6,350 for self-only coverage or $12,700 for families.

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