[NFBofSC] Fwd: IRS Releases 2021 Health Savings Account Limits

[Tiffiny Mitchell]

Tiffiny

Begin forwarded message:

> From: "Lawrence Carter" <yallowdogg at bellsouth.net>
> Date: May 26, 2020 at 11:50:25 AM EDT
> To: "Lawrence Carter" <yallowdogg at bellsouth.net>
> Subject: FW: IRS Releases 2021 Health Savings Account Limits
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> IRS Announces 2021 HSA Contribution Limits 
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> Important Health Savings Account (HSA) update! The IRS has officially released the maximum contribution HSA limits for 2021. These contributions increased to $3,600 for individuals and $7,200 for families—up $50 and $100, respectively, from 2020.
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> Individuals ages 55 or older (not yet enrolled in Medicare) may also make a catch-up HSA contribution of up to $1,000 per person. This amount remains unchanged from last year’s catch-up limit.
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> Here’s Why It Matters
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> This update allows HSA account holders to set aside more tax-advantaged funds to save for long-term health care or retirement costs. On the flip side, they should also be cautious not to go over the IRS-mandated limits to avoid being taxed on any excess contributions.
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> Learn more about this recent legislative update by visiting our recent blog post.
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> READ MORE HERE
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