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Form 8853 Corpus Christi Texas: What You Should Know
Feb 3, 2023 — Archer MSA/Medicare payments in connection with long-term care insurance contracts. — Form 8853 Texas: Special Rules — Instructions for Form 8853 TX, 78420. Sep 3, 2023 — Archer MSA/Medicare payments — TX: Short-term care policy withdrawals. — OMB No. . Do I Need to File the Form 8853? It depends on your state, how your MSA account was set up and what type of MSA you have. Form 8853 reports contributions and payments from Archer MSA's and payments from long-term care insurance contracts. You do not need to report these expenses on your income tax return. Form 8853 TX: Archer MSA Deduction — Payment from Long-Term Care Insurance To figure a deduction for payments made under an ART and IRA long-term care insurance contract, you report: (1) the amount of contribution that is not used exclusively for qualified health care expenses; and (2) the number of payments made during the calendar year for qualified health care expenses not attributable to your ART, IRA, or qualified health care coverage. The total amount you report for these two categories is referred to as your ART deduction. In addition, you may choose to take a self-employed credit, depending on your circumstances. We use a simplified method to figure the self-employed credit. The table below displays the deductions that you may choose. Your self-employed deduction is limited to 100 percent of your regular salary. For example, your regular salary could equal 50,000, but you may choose to report 100,000 as your self-employed deduction (for example, using a 100,000 salary and 2,000 as your self-employed deduction). Your deduction is in addition to other income tax deductions, and you must do your best to keep your tax liability within your annual income limit (generally 55,950 for singles or 61,550 for married couples filing joint returns) to qualify for the full amount of an expense. However, there are certain categories of MSA contributions, such as self-employment tax credits and health reimbursement arrangements (HRA), that you have to choose to report on a Form 8853.
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