On November 19, 2004, Rev. Procedure 2004-71 announced changes in several indexed amounts for purposes of the federal income taxes .Amounts adjusted for 2005 included. :
Annual Contribution Levels for HSAs. The maximum annual HSAs contribution level for an eligible individual with self-coverage is $2,650 (or, if less, the HDHP deductible). For family coverage, the maximum annual HSA contribution is $5,250.The statute increases the catch-up HSA contributions for individuals 55 years or older from $500 to $600 for 2005. (The contribution limit and the catch-up limit apply pro rata based on the number of months the taxpayer is an eligible individual or the taxpayer is age 55 or older.)
Maximum Amount of Out-of-Pocket Spending on HDHPs. On HSA-compatible High Deductible Health Plans (HDHPs), the maximum amount of out-of-pocket spending increases to $5,100 for HDHP self-coverage and $10,200 for HDHP family coverage.
Minimum Deductible for HDHPs. The minimum deductible for HSA-compatible HDHPs is unchanged and remains at $1,000 for self-coverage and $2,000 for family coverage.
Limit for § 132 Qualified Transportation Plans. The limits for § 132 plans are (1) changed from $100 to $105 for the combined transit pass and van pooling limit and (2) changed from $195 to $200 for the qualified parking limit.
For a copy of Press Release JS-2112 (Nov. 19, 2004), go to: http://www.treas.gov/press/releases/js2112.htm.
For a copy of the Rev. Proc. 2004-71 containing the indexed amounts, go to: http://www.treas.gov/press/releases/reports/111904revproc200471.pdf