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Internal Revenue Service 5500sf Form

Internal Revenue Service 5500sf Form

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IRS just announced new HSA limits for 2024 here's what you need to know so an HSA is a health savings account most people see hsas as this debit card that you can use to pay for your medical expenses taxfree money that goes into an HSA is taxfree and the money that goes out of the HSA is also taxfree as long as you use it for medical expenses So currently in 2023 you can put about 3850 into your HSA if you're just covering yourself or $7,750 for family coverage but in 2024 that single limit is going to raise to $41.50 and the family coverage is going to increase to $8,300 again that's completely tax-free so many people don't realize that the money that goes into your HSA you can invest if you're not planning on using it for medical expenses if you're planning on using your HSA for medical expenses I wouldn't recommend investing it unless you're planning on using it for medical expenses in retirement 10 plus years down the

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