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If you use a distribution from your HSA for qualified medical expenses, you don’t pay tax on the distribution but you have to report the distribution on Form 8889. However, the distribution of an excess contribution taken out after the due date, including extensions, of your return is subject to tax even if used for qualified medical expenses.
6 Μαρ 2024 · If you contribute to an HSA, or take a distribution, you need to complete and file IRS Form 8889 with your tax return. You have until April 15, 2024, to make contributions to your HSA for 2023, up to the applicable annual limit.
16 Σεπ 2024 · A Health Savings Account (HSA) is a tax-advantaged account to help you save for medical expenses that are not reimbursed by high-deductible health plans (HDHPs). No tax is levied on...
16 Οκτ 2024 · Health Savings Accounts (HSAs) and Medical Savings Accounts (MSAs) are tax-advantaged accounts that can be used to pay for qualified medical expenses. Contributions to HSAs and MSAs are tax-deductible and the unspent balances can rollover indefinitely from year to year.
22 Φεβ 2024 · Forms and Instructions. About Form 8889, Health Savings Accounts (HSAs) File Form 8889 to: Report health savings account (HSA) contributions (including those made on your behalf and employer contributions). Figure your HSA deduction. Report distributions from HSAs.
What are the potential tax advantages of an HSA? The money you can contribute to these accounts is tax-deductible or pre-tax, and any increase in the value of your account is free from federal taxes — so long as withdrawals are made for qualified medical expenses.
