{"id":3199,"date":"2020-05-26T17:22:56","date_gmt":"2020-05-26T17:22:56","guid":{"rendered":"http:\/\/bakertillyvantagen.com\/?p=3199"},"modified":"2023-05-09T14:06:40","modified_gmt":"2023-05-09T14:06:40","slug":"newsflash-irs-announces-increase-to-hsa-contribution-limits","status":"publish","type":"post","link":"https:\/\/sitepreviews.org\/bt-vantagen\/3199\/newsflash-irs-announces-increase-to-hsa-contribution-limits\/","title":{"rendered":"Newsflash! IRS announces increase to HSA contribution limits"},"content":{"rendered":"\r\n<p>The IRS announced an increase to the maximum HSA\u00a0contribution limits\u00a0for the 2021\u00a0calendar year in\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-drop\/rp-20-32.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Revenue Procedure 2020-32.<\/a><\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 24px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>The individual contribution limit has been raised from $3,550 to $3,600. The family contribution limit\u00a0has been raised from $7,000 to $7,200.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 24px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Flexible Spending Accounts (Health Care FSAs, Dependent Care FSAs, Parking and Transit plans) were not affected.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 24px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>Baker Tilly Vantagen is prepared to support our partners in light of this change and will be updating our portal to reflect these new contribution limits.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 24px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Our Thoughts<\/h3>\r\n\r\n\r\n\r\n<p>Baker Tilly Vantagen is prepared to support our partners in light of this change and will be updating our portal to reflect these new contribution limits.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 24px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>This change is situated far away from the busy annual enrollment period for many employers, which makes announcing it also a great time to focus on HSA education. \u00a0The target audience is better positioned now to absorb concepts like the triple tax advantage, investment options and eligibility requirements than it will be later. \u00a0Strike now while the \u201ciron is hot\u201d when it comes to helping employees open up to HSAs.<\/p>\r\n\r\n\r\n\r\n<div class=\"wp-block-spacer\" style=\"height: 24px;\" aria-hidden=\"true\">\u00a0<\/div>\r\n\r\n\r\n\r\n<p>If you have questions about this update or need expert help,\u00a0<a href=\"https:\/\/bakertillyvantagen.com\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">contact our team<\/a>.<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>The IRS announced an increase to the maximum HSA\u00a0contribution limits\u00a0for the 2021\u00a0calendar year in\u00a0Revenue Procedure 2020-32. The individual contribution limit has been raised from $3,550 to $3,600. The family contribution limit\u00a0has been raised from $7,000 to $7,200. Flexible Spending Accounts (Health Care FSAs, Dependent Care FSAs, Parking and Transit plans) were not affected. Baker Tilly [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[21],"class_list":["post-3199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-benefits-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Newsflash! IRS announces increase to HSA contribution limits - Baker Tilly Vantagen<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sitepreviews.org\/bt-vantagen\/3199\/newsflash-irs-announces-increase-to-hsa-contribution-limits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newsflash! IRS announces increase to HSA contribution limits - Baker Tilly Vantagen\" \/>\n<meta property=\"og:description\" content=\"The IRS announced an increase to the maximum HSA\u00a0contribution limits\u00a0for the 2021\u00a0calendar year in\u00a0Revenue Procedure 2020-32. The individual contribution limit has been raised from $3,550 to $3,600. The family contribution limit\u00a0has been raised from $7,000 to $7,200. Flexible Spending Accounts (Health Care FSAs, Dependent Care FSAs, Parking and Transit plans) were not affected. 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