Instructions for IRS Form 8853 Archer Msas and Long-Term Care Insurance Contracts

IRS Form 8853 Archer Msas and Long-Term Care Insurance Contracts

This document contains official instructions for IRS Form 8853 , Archer Msas and Long-Term Care Insurance Contracts - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 8853 is available for download through this link.

FAQ

Q: What is IRS Form 8853?
A: IRS Form 8853 is a tax form used for reporting Archer MSAs (Medical Savings Accounts) and long-term care insurance contracts.

Q: What are Archer MSAs?
A: Archer MSAs are special medical savings accounts that can be used to pay for qualified medical expenses.

Q: What is a long-term care insurance contract?
A: A long-term care insurance contract is an insurance policy that covers the costs of long-term care services, such as nursing home care or in-home care.

Q: Who needs to file IRS Form 8853?
A: You need to file IRS Form 8853 if you had any activity in an Archer MSA or received any distributions from a long-term care insurance contract during the tax year.

Q: What information do I need to complete IRS Form 8853?
A: You will need the account information for your Archer MSA, including any contributions and distributions, as well as information about your long-term care insurance contract payments.

Q: When is the deadline for filing IRS Form 8853?
A: The deadline for filing IRS Form 8853 is typically April 15th, unless that falls on a weekend or holiday, in which case it is extended to the next business day.

Q: What happens if I don't file IRS Form 8853?
A: If you are required to file IRS Form 8853 and fail to do so, you may face penalties or be subject to an audit by the IRS.