The IRS has issued the 2013 limits for health savings accounts. Joe Kristan at the Tax Update Blog has all the details here.
The IRS has released the 2012 contribution limits to Health Savings Accounts. The limits for 2012 will be: $3,100 for single plans and $6,250 for family plans. The limits in 2011 were $3,050 and $6,150. To qualify for an HSA, you must have a "high-deductible" health plan. For 2012, a high-deductible plan is one with at [...]
The IRS has released new guidance that, for the first time, allows a tax deduction for breastfeeding supplies. From IRS Notice 2011-14: The Internal Revenue Service has concluded that breast pumps and supplies that assist lactation are medical care under § 213(d) of the Internal Revenue Code because, like obstetric care, they are for the purpose [...]
Iowa Senator Tom Harkin was among more than 40 Democratic lawmakers in the House and Senate who wrote to the IRS last week, urging the IRS to recognize breastfeeding supplies as a medical expense. Currently, breastfeeding supplies are not considered a medical expense, so the cost of the supplies is neither deductible, nor eligible for reimbursement from [...]
Those of you who take part in a flex plan or an HSA for reimbursement of medical expenses will want to take note: starting in 2011, you will no longer be able to claim reimbursements for purchases of non-prescription, over-the-counter medicines. You'll only be able to claim reimbursements for medicines purchased with a prescription. The only [...]