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News & Insights

IRS adjusts health savings account limits for 2019

The Internal Revenue Service has issued a revenue procedure providing the 2019 inflation-adjusted amounts for health savings accounts.  In Revenue Procedure 2018-30, the IRS said the annual limitation on deductions for an individual with self -only coverage under a high deductible health plan is $3,500 for calendar year 2019. Also for next year, the annual limitation on deductions for an individual with family coverage under a high deductible health plan is $7,000. ..

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Section 529 Plans Can Now Be Used for Private Elementary and High Schools

In the past, parents often used tax-favored Section 529 plans to build up funds for the college education of their children. Now the new tax law – the Tax Cuts and Jobs Act (TCJA) -- expands the scope of these programs. Under the TCJA, you can tap into a Section 529 plan to pay tuition expenses at many elementary and secondary schools. ..

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