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Form 8853 MS: What You Should Know
How to report the total amount of your MSA contributions and benefits You can see the total number of your benefits on IRS Form 8889 or Form 1099-SA. You have two ways to figure out your MSA income: 1.) Calculate it in the year you received the MSA contributions and benefits and 2.) Estimate it using a formula to figure the annual MSA income for each month. When estimating the amount of your MSA income, remember that your tax bracket is based on your modified adjusted gross income (MAGI). The amount you report on your tax return depends on how much higher or lower your MAGI is than the federal level limit. You don't have to report your MSA income on your tax return, although we recommend it. What to say on your tax return to reduce or erase: Your income taxes from your MSA, the maximum MSA contribution you may make, and the total amount you could contribute to your MSA account. Your net income from you MSA contributions, benefits, and interest if you have interest income from the fund. Your age on the date of your most recent self assessment (if younger than 70 or older than 80) to determine how much of the income tax credit you can use. What if your income goes up? It won't. The IRS only considers an increase in your modified adjusted gross income (MAGI) if you receive an actual increase in your income. You can't take a credit for your MSA gains. How to find your MAGI To learn how much your MAGI is, see your Form 1040. In the upper left-hand corner of your 1040, find “Adjusted Gross Income.” To get to your MAGI on Schedule A (Form 1040), go to . How to calculate or claim the credit This section is for information only and is not a substitute for discussing with your MSA representative exactly how they will calculate your MSA contribution credit. This is a question that must be answered by them. However, they can help you to understand the math behind your MSA contribution credit, the amount of the credit you can claim. First, Figure your MAGI MSA contribution credit.
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