On May 2, 2024, the IRS published the revised 2024 IRS Publication 15-B, the Employer's Tax Guide to Fringe Benefits, to correct the figures for HSA eligibility and employer contribution limits. The 2024 IRS Publication 15-B was originally published in January 2024 and was covered in the January 17, 2024, edition of Compliance Corner. This publication provides an overview of the taxation of fringe benefits and applicable exclusion, valuation, withholding, and reporting rules.
Accordingly, the updated IRS publication reflects the corrected figures. Specifically, under the section heading “Health Savings Accounts (HSAs),” the paragraph under “Eligibility” indicates a qualifying HDHP must have a deductible of at least $1,600 for self-only coverage and $3,200 for family coverage. Further, a qualifying HDHP must limit annual out-of-pocket expenses of the individuals to $8,050 for self-only coverage and $16,100 for family coverage.
Additionally, the paragraph under “Employer Contributions” clarifies that the annual limitation on deductions for an individual with family coverage under an HDHP should have been noted as $8,300.
Employers should review and defer to the revised 2024 Publication 15-B.
2024 Publication 15-B »
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