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Who needs 8889 Form: What You Should Know

Filing a Form 8889 each year. You also must file a separate tax form for any contributions you make to an HSA as an individual. This will Who Will Not File Form 8889? — HSA Payroll Deduction Dec 7, 2024 — You may want to check the Form 8889 and Instructions for HSA (Health Savings Accounts (Has)) to see why you do not need to file the form annually. This post is part of our contributor series. The views expressed are the author's own and not necessarily shared by TNW. Add a Comment: Note: When you add a comment to this blog, you must be registered and logged in to use it.

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Video instructions and help with filling out and completing Who needs Form 8889

Instructions and Help about Who needs Form 8889

Music. Hi everyone! Should look operate the CPA with eight attacks and accounting? This is another weekly attack step. We are talking about a chess piece health saving account. This is basically an account that is super powerful and has the benefit of both a retirement plan and an IRA. It is used for saving for your health-related expenses. So, imagine that there is a basket here. The money that you put inside this basket is tax-free. The money that grows inside of this basket is tax deferred. And then when you take money out of this basket and spend it on health-related expenses, you don't pay any taxes on it. This is amazing! These are called health savings accounts. A lot of times, you would be offered by your employer, but if you're also self-employed, you can just open one by yourself. The best thing about HSAs is that they don't just expire at the end of the year. It's a use-it-or-lose-it situation. No, they roll over to the next year. So, you can also invest any money that you put into this basket or your account in whatever you know best, like stocks, mutual funds, cryptocurrency, even real estate. Whatever you like to invest your money in. And if you leave your employer, that account just goes with you. So, it stays with you. You can manage it. I want to show you if you are eligible for the HSA or not, and how much you can contribute to this amazing account. Let's go to the board because if you're like me, I learn best when I'm looking at something, when I'm seeing. Let's take John, for example. John is our favorite tax client, right? He is in the 28 percent tax bracket and we're talking about 2018....