The new $2,500 limit on salary-reduction contributions to health flexible spending arrangements (FSAs) will not apply to plan years beginning before 2013, according to new guidance released by the IRS. In Notice 2012-40, the IRS clarified the timing of this new limitation, set a deadline by which plan amendments …
Change in Wisconsin State Tax Treatment of HSAs
February 3, 2011 Leave a Comment
Although HSA contributions have received tax-favored treatment under federal law since 2004, until recently, Wisconsin was one of the few states in the country where contributions to HSAs did not receive tax-favored treatment for state tax purposes. However, last week, Wisconsin Governor Scott Walker signed into …
Adult Children and HSAs
December 10, 2010 Leave a Comment
Due to the passage of health care reform, many more “adult children” will now be eligible for coverage under their parents’ group health plans, including high-deductible health plans (HDHPs) coupled with Health Savings Accounts (HSAs). However, just because an adult child is covered under a parent’s HDHP …