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Irs 8889 instructions 2024 Form: What You Should Know

Form 8889 (Health Savings Accounts (Has)).

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Video instructions and help with filling out and completing Irs form 8889 instructions 2024

Instructions and Help about Irs form 8889 instructions 2024

How's it going, everybody? This is b2 push. I'm sure you've heard of this HSA account, which is a health savings account from your employer. When I first heard of an HSA, I didn't pay much attention to it, mainly because I just thought it was for medical expenses. Being a young, healthy adult, I only needed a couple hundred dollars in my HSA per year, so I didn't really go all out and max it out or anything. But did you know you should really maximize your 401k matching first? Right after that, you should be maxing out your HSA, which is roughly $3,400 for 2017. Then you should go back and try to max out either your Roth or your 401k. The HSA contribution limits are actually separate from your 401k. Your 401k allows you to contribute up to eighteen thousand dollars of tax-deferred money, whereas an HSA allows you to contribute an additional $3,400. So, if you combine those two, you get a total of $21,400 worth of tax-deferred payments. Now, here's a way to think about your HSA. After you do one-on-one matching, when you put money in your HSA, it's really for medical expenses. So, if you have enough buffer money in there, you can just pretend this is only for your medical expenses. Whenever you spend money on medical treatments, you do not have to pay taxes on it. This is a pretty good advantage. Let's look at the requirements for an HSA account. The contribution limit for a single person is $3,400. This is $3,400 more than the 18,000 you can contribute to a 401k, which is on top of that. So, this is really good. You can kind of hide your money in more tax-deferred type of accounts. If you're contributing for your...