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December 30, 2010 at 07:00 PM
More U.S. taxpayers reported using health savings accounts (HSAs) in 2008 than in 2007, and the average HSA deduction also increased.
The Internal Revenue Service (IRS) recently released 2008 individual income tax return data.
A comparison with the 2007 individual income tax return data shows that the number of individual taxpayers who reported HSA deductions increased 41% in 2008, to 835,619, and that the average contribution increased 4.4%, to about $2,210.
Possibly because of the effects of job loss and steep drops in income, the income categories showing the fastest growth in HSA use were the categories for taxpayers with no adjusted gross income (AGI) and for taxpayers with $1 to $5,000 in AGI.
The number of taxpayers with no AGI who contributed to an HSA increased to about 19,000 in 2008, from about 7,000 the before, and the number of taxpayers with $1 to $5,000 in AGI who made HSA contributions increased to about 4,800, from about 1,300.
