The IRS today released an advance copy of Rev. Proc. 2015-53—the annual revenue procedure that sets forth the dollar amounts for more than two dozen tax provisions as adjusted for inflation for 2016.
Rev. Proc. 2015-53 [PDF 85 KB] provides inflation-adjusted amounts concerning the tax rate schedules, standard deduction, and other tax items.
As briefly explained in a related IRS release—IR-2015-119—the following items reflect the inflation adjustments for 2016:
According to Rev. Proc. 2015-53, for tax year 2016:
|Medical Savings Accounts (MSAs)||Self-only coverage||Family coverage|
|Minimum annual deductible||$2,250||$4,450|
|Maximum annual deductible||$3,350||$6,700|
|Maximum annual out-of-pocket expenses
Source: Rev. Proc. 2015-53
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