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Instructions for IRS Form 8853
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Instructions for 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 to report contributions to Archer MSAs and to provide information on long-term care insurance contracts.
Q: What are Archer MSAs?
A: Archer MSAs, or Medical Savings Accounts, are tax-exempt accounts that individuals who have high-deductible health plans can use to save for medical expenses.
Q: What information do I need to provide on Form 8853 for Archer MSAs?
A: You need to report your Archer MSA contributions, distributions, and any excess contributions you made.
Q: What is a long-term care insurance contract?
A: A long-term care insurance contract is an insurance policy that helps cover the costs of long-term care services, such as nursing home care or in-home care.
Q: Do I need to report my long-term care insurance contract on Form 8853?
A: No, you do not need to report your long-term care insurance contract on Form 8853. The form is only for reporting Archer MSA contributions and distributions.
Q: Are there any penalties for not filing Form 8853?
A: Yes, there may be penalties for not filing Form 8853 or for incorrectly reporting Archer MSA contributions, distributions, or excess contributions.
Q: Can I file Form 8853 electronically?
A: Yes, you can file Form 8853 electronically if you are using tax software or if you are e-filing your tax return.
Q: Can I make changes to Form 8853 after it has been submitted?
A: If you need to make changes to Form 8853 after it has been submitted, you will need to file an amended tax return using Form 1040X.
Q: Is Form 8853 specific to the United States or Canada?
A: Form 8853 is specific to the United States. If you are a resident of Canada, you will need to consult the Canadian tax authorities for the appropriate forms and instructions.
Instruction Details:
- This 7-page document is available for download in PDF;
- Actual and applicable for filing 2023 taxes;
- Complete, printable, and free.
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