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Health Savings Account (Hsa) - Form 8889 - Taxslayer Pro Support: What You Should Know

Do you have any other investments? When do I need to report my Medical Savings Account (MSA)? You need to see the total amount you  deducted or received for the 2023 tax year on your 2017-18 Form 1040. You also need to see the amount or value of MSA contributions you made to your MSA (for 2023 only) on 2017-18 Form 1040, if these contributions were for medical use only. Do you need any further information because someone else contributed to your HSA/MSA? When do I need to report the amount of HSA contributions to 2017-18 Form 1040? Do you have any other investments? How will I know I need to report the 3,000 to 6,000 in additional MSA expenses? You also'll need to do this if you had a distribution, withdrawal or contribution for health care expenses that exceeded 3,000, 6,000, or 9,000. How will I know I need to report the HSA health care expense deduction? You also'll need to do this if you had an income deduction for 2023 based on your HSA expenses, and you withdrew funds for qualified medical expenses, or you paid more for qualified medical expenses you had received in 2023 that exceed 3,000, 6,000, or 9,000. How do I know if a return has been filed? Any return you have filed in the tax year must have one or more of the following information: Income taxes, and Amounts reported on line 2 of Form 8889 Are there any specific rules I need to know? If you have received a Form 1099-SA from your HSA/MSA, you must include only those amounts. If you received a Form 1099-A from your HSA/MSA, you will figure your health care expenses based on your total deductible expenses. Your health care expenses for 2023 need to be subtracted from your income in order for you to figure the amount in your HSA health care expense deduction, and must also be in amounts that are reasonable and within limitations described in the guidelines.

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FAQ - Health Savings Account (Hsa) - Form 8889 - Taxslayer Pro Support

Do I have to report my HSA on my tax return?
Tax reporting is required if you have a Health Savings Account (HSA). You may be required to complete IRS Form 8889. HSA Bank provides you with the information and resources to assist you in completing IRS Form 8889 regarding your HSA.
What line does 1099 SA go on?
You report the taxable amount on the other income line of your tax return and write HSA beside it. You will also have to pay an additional tax of 20 percent on the taxable portion of your distribution, which you'll calculate on Form 8889.
How do I add HSA contribution to TaxSlayer?
To enter contributions to a HSA in TaxSlayer Pro, from the Main Menu of the tax return (Form 1040) select. Adjustments. Health Savings Account Deduction (8889) - If MFJ, select Taxpayer or Spouse. If queried, indicate whether coverage is for just the taxpayer or if it covers the family as well.
Does TaxSlayer charge for HSA?
TaxSlayer. TaxSlayer is open and honest about only supporting simple returns on its free tier. While it doesn't support Child Tax Credits or HSA contributions on its free tier, it does support student loan interest deductions. Due to the limits on the free tier, we don't recommend TaxSlayer's free product.
How do I fill out an HSA Form 8889?
0.02 6.19 How to Complete IRS Form 8889 for Health Savings Accounts (HSA) YouTube Start of suggested clip End of suggested clip So the form should definitely be filled out if you personally made any hsa contributions or you hadMoreSo the form should definitely be filled out if you personally made any hsa contributions or you had contributions via your employer. Okay and you'll be able to find that on your w-2.
Who gets a 8889 form?
The IRS has released the 2023 version of Form 8889 (Health Savings Accounts (HSAs)) and its instructions. HSA holders (and beneficiaries of deceased HSA holders) must attach Form 8889 to their Forms 1040, 1040-SR, or 1040-NR to report tax-related events affecting their HSAs, including contributions and distributions.
Do I have to file Form 8889 if I have an HSA?
Preparing Form 8889 You must always file a Form 8889 in any year you or an employer contributes money to your HSA or you make withdrawals from the account.
How do I add HSA contributions to my tax return?
Use Form 8889 to. Report health savings account (HSA) contributions (including those made on your behalf and employer contributions), Figure your HSA deduction, Report distributions from HSAs, and. Figure amounts you must include in income and additional tax you may owe if you fail to be an eligible individual.
Are HSA contributions included in Box 5?
The HSA contributions are NOT subject to fed or FICA taxes and will not be included in boxes 1, 3 or 5.
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