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Form 8853 for Portland Oregon: What You Should Know
Form 8853 can be used to report contributions and payments from long-term care insurance contracts. You can also deduct certain MSA contributions and payments made on Form 8949 and Form 8950 by deducting a 10% tax on the amount of the MSA. For more information, contact us or see our FAQs page. If your Archer MSA contributions were less than 250, and you were a member of another Medicare or Federal Employees MSA and you are using Form 8853 to report your payments, you have two options. You can continue to report your contributions using your traditional Form 1040 and your standard Form 8853. If you choose this route, you will need to report the contributions using the same form, whether you withdraw them from the MSA. However, you will need to figure your deduction on your MSA tax return. If you decide to withdraw the MSA contributions instead of reporting the payments, you must report on your taxable income in the year the MSA was withdrawn. If you choose to continue to report your contributions using Form 1040 and Form 8853, you can claim the Medicare and Federal Employee MSA Savings Matching Program coverage tax credit. For more information, contact us or see our FAQs page. If you choose to use Form 8853, you have to figure the MSA contribution to your tax return. There are three ways to report your income from an Archer MSA: the standard 1040, the traditional Form 1120, and the simplified Form 1120A or Form 1120F. If you report on one document type, you must report on both types, but there are special rules for reporting payments if: You receive income from an Archer MSA using Form 1040, Form 1040A or Form 1120. Note: if you receive income from an ARMS and Form1040A or Form 1040F you can deduct the amount paid to you on your Form 1040, Form 1040A or Form 1120 for the year on your Schedule A. If you receive income from an MSA using Form 1040, Form 1040A or Form 1120F, there are special rules for reporting payments: You are paid from an MSA.
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