IRS Form 8889 Health Savings Accounts (Hsas)

What Is IRS Form 8889?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on January 1, 2017. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 8889?
A: IRS Form 8889 is a tax form used to report contributions to and distributions from Health Savings Accounts (HSAs).

Q: Who needs to fill out Form 8889?
A: Anyone who has a Health Savings Account (HSA) and made contributions or received distributions during the tax year needs to fill out Form 8889.

Q: What information is required on Form 8889?
A: Form 8889 requires information about your HSA contributions, distributions, and any employer contributions made on your behalf.

Q: What are Health Savings Accounts (HSAs)?
A: Health Savings Accounts (HSAs) are tax-advantaged accounts that individuals can use to save for qualified medical expenses.

Q: Are HSA contributions tax-deductible?
A: HSA contributions are generally tax-deductible, meaning you can deduct the amount contributed from your taxable income.

Q: What are qualified medical expenses?
A: Qualified medical expenses include a wide range of healthcare costs, such as doctor's visits, prescriptions, and certain medical treatments.

Q: What is the deadline for filing Form 8889?
A: Form 8889 is typically filed along with your annual income tax return, which is due by April 15th.

Q: What other forms may be required to file with Form 8889?
A: Depending on your situation, you may also need to file Form 1040 or Form 1040A, which are the individual income tax returns.

Q: Can I contribute to an HSA if I have other health insurance coverage?
A: You can contribute to an HSA even if you have other health insurance coverage, as long as it meets the requirements for being a high deductible health plan (HDHP).