IRS Notice 2008-59
August 17, 2008 · Print This Article
The Internal Revenue Service (IRS) released IRS Notice 2008-59 on June 25, 2008. The notice provide guidance on HSAs in a number of areas. These include:
- Who is considered an eligible individual?
- What plans qualify as high deductible health plans?
- What are the limits for contributions?
- What types of expenses can be considered qualified medical expenses?
- What is a prohibited transaction?
- When is an HSA deemed established?
- How are HSA administration and maintenance fees treated?
The notice is provided in forty-two question and answer format. The following will review those aspects of HSA not covered in other guidance.