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ID Form 8853: What You Should Know
Medicaid Beneficiary, or if you have an MSA as a health care plan (for income tax purposes). MSA Distributions — The MSA must be taxed, and the MSA trustee must pay the MSA taxes; and any tax due on the distribution must be paid to the Archer MSA Trust or Archer MSA Fiduciary Trust. If you are on Medicare, it is best to use Medicare Report, and if you have an individual Medicare account to use the Medicare Medical Savings Account Reporting Schedule. What are the consequences of misreporting an MSA or Distributions From an Archer MSA — Do Not Report It is a crime to report an MSA with insufficient income, distributions or other information that supports a deduction for MSA contributions or other health care related expenses; and failure to comply with the penalty (Penal Code 6662). Archer MSA with sufficient Income — Form 8853 Filing If you are reporting an MSA with sufficient income, and you are filing Form 8853 F, then you will receive Form 5471 which includes all the information you need to complete your return, including your name, address, Social Security number(SSN); and IRA or HSA number. Filing Forms 5471 and 5471-A If, after reviewing the information on the form, you have more information you want to correct, click to fill out a new Form 5471 and write “Corrections, Additions, and Corrections” on the Form 5471-A. Note: If the Form 8853/5471-A is not for contributions to an Archer MSA, then you would not need to complete forms 5471 and 5471F. If the Form 8853/5471-A is for the reporting of MSA distributions, then use Form 5471-E (or 5471-B) to complete both of the forms, and also complete Form 8853. You can fill out a Form 8853 at any time, however if you intend to use tax-free distributions in your MSA after you reach age 70 1/2, you must use Form 8853-E or Form 8853-B.
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