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Form 8853 Everett Washington: What You Should Know

How It Works. If you pay taxes with your Archer MSA, you should do your best to figure your income tax deduction by using the appropriate Form 8853 (and the correct forms). The following procedures illustrate the procedure, using a New York state example. STEP 1 Calculate the Archer MSA Deduction on Line 30 of Form 1040, under the “Special rules for Archer MSA payments” heading. STEP 2 Do Step 1 with the New York state Form 8853: New York State Form 8853, Annual Contribution for New York State MSA's — Use the table (below) to determine the amount of any Archer MSA contribution you may deduct for the calendar year. Include the total for all the New York and Vermont MSA's in your federal income tax. The New York state deduction is the total of the two New York MSA contributions plus the total for the Vermont MSA. Income Tax Deduction in Percentages. The New York state deduction is limited to 100% of the MSA. To figure your deduction: First, add your income tax for the New York MSA. (See the table below to figure this.) Add the total New York MSA contribution amount (100,000) for the year. This is your total deduction for the New York State MSA contribution. Next, figure the income tax you would owe if you contributed the income tax for the New York State MSA to a qualified pension (See IRS, Form 1040, 1040A, or 1040EZ for MSA's qualified) and invested it in U.S. stocks and bonds. This is your adjusted gross income. Add your deductions, including medical benefits, that are taxable to you. See the table below for the percentages for different income brackets. Example : Your deduction is 50,000 in total. Your adjusted gross income (AGI) for 2023 is 120,000. If you only contributed to a qualified pension, your AGI can be 45,850 (50,000 0.5), but you cannot deduct the 75,000 Federal MSA contribution for the year. Example: Suppose the qualified pension is a 50% Federal MSA contribution and the interest on it is 10,000 each year. The Federal contribution is the only income tax you cannot deduct. Now your AGI is 45,850 – 75,000 Federal MSA contribution = 35,450.

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