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Download and print the official form for reporting contributions and deductions for Archer MSAs and long-term care insurance contracts. Follow the instructions and worksheets to calculate your Archer MSA deduction and possible additional tax.
31 Δεκ 2007 · Who Must File. You must file Form 8853 if any of the following applies. You (or your employer) made contributions for 2023 to your Archer MSA. You are filing a joint return and your spouse (or their employer) made contributions for 2023 to your spouse's Archer MSA.
Use Form 8853 to report Archer MSA contributions, figure your Archer MSA deduction, report distributions from Archer MSAs or Medicare Advantage MSAs, report taxable payments from long-term care (LTC) insurance contracts, or report taxable accelerated death benefits from a life insurance policy.
6 ημέρες πριν · An Archer medical savings account allows tax-sheltered investment growth within a savings account as long as funds are used to cover medical expenses. Form 8853 reports contributions and payments from Archer MSAs and payments from long-term care insurance contracts.
The 8853 form directly influences your tax return by potentially decreasing your taxable income through the deductions for contributions to your Archer MSA. Additionally, it helps in declaring the taxable part of distributions and benefits exceeding the cost of long-term care services.
Simplify your tax filing with Ridgewise's expert guidance on Form 8853 for Archer MSAs and Long-Term Care Insurance Contracts. Learn step-by-step instructions, common mistakes to avoid, and how to accurately report to the IRS.
2 Οκτ 2023 · Navigating tax forms can be confusing, especially when it comes to the IRS Form 8853. This form deals with contributions, deductions, and distributions for Archer Medical Savings Accounts (MSAs) and Medicare Advantage MSAs. It may sound complicated, but in this guide, we break it down step by step.
