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16 term “medical care”, as adjusted for inflation, are as follows: Attained Age Before the Close of the Taxable Year Limitation on Premiums 40 or less $470 More than 40 but not more than 50 $880 More than 50 but not more than 60 $1,760 More than 60 but not more than 70 $4,710 More than 70 $5,880

.29 Medical Savings Accounts. (1) Self-only coverage. For taxable years beginning in 2024, the term “high deductible health plan” as defined in § 220(c)(2)(A) means, for self-only coverage, a health plan that has an annual deductible that is not less than $2,800 and not more than $4,150, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $5,550. (2) Family coverage. For taxable years beginning in 2024, the term “high deductible health plan” means, for family coverage, a health plan that has an annual deductible that is not less than $5,550 and not more than $8,350, and under which the annual out-of-pocket expenses required to be paid (other than for premiums) for covered benefits do not exceed $10,200. .30 Interest on Education Loans. For taxable years beginning in 2024, the $2,500 maximum deduction for interest paid on qualified education loans under § 221 begins to phase out under § 221(b)(2)(B), as adjusted for inflation, for taxpayers with modified adjusted gross income in excess of $80,000 ($165,000 for joint returns),and is completely phased out for taxpayers with modified adjusted gross income of $95,000 or more ($195,000 or more for joint returns). .31 Limitation on Use of Cash Method of Accounting. For taxable years beginning in 2024, a corporation or partnership meets the gross receipts test of § 448(c) for any taxable