On December 27th, 2020, President Trump signed the Consolidated Appropriations Act into law. This law has several budget line items, but the important part is how it affects employers who currently offer any kind of Flexible Spending Account (FSA). If your company offers or has offered any type of FSA (Health, Limited Purpose, and Dependent Care) in 2020, take a look at this article to see how this law affects you.

On May 20, 2020, the Internal Revenue Service announced the 2021 HSA contribution limits. For 2021, HSA-eligible account holders are allowed to contribute $3,600 for individual coverage and $7,200 for family coverage. Both coverage levels are a $50 increase for individuals and $100 for families from 2020 HSA contribution limits. If you are 55 years or older, you’re still eligible to contribute an extra $1,000 catch-up contribution.

For most people, tax season is filled with endless amounts of paperwork. You may have to track down tax forms from your employer, retirement accounts, health savings accounts, and it can be difficult to stay on top of everything you need. If you're a full-time employee, you should receive a Wage and Tax Statement—also known as a W-2—sometime in January or February. Here's a closer look at the purpose of this form and why it matters when you are filing your taxes.

While contribution limits have not changed for the 2019 tax year, the federal income tax filing deadline has. The new July 15, 2020 deadline provides those who haven’t maxed-out their 2019 HSA contribution the opportunity to contribute whether they’ve filed their federal income tax return, or not. Discover if the postponement impacts your 2019 HSA contributions and what you can do next.

Discover how COVID-19 testing and treatment are covered by your HDHP.