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IRS Adjusts Deduction Limits for Health Savings Accounts

Accounting Today

The Internal Revenue Service has changed the inflation-adjusted annual limitation for health savings accounts for next year. Revenue Procedure 2013-15, released Thursday by the IRS, provides the 2014 inflation-adjusted amounts for health savings accounts. The annual limitation on deductions under Section 223(b)(2)(A) of the Tax Code for an individual with self-only coverage under a high-deductible health insurance plan is $3,300. For calendar year 2014, the annual limitation on deductions under