8889 example Form

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Instructions and Help about Form 8889 example

Want to save money on taxes it's easy with your opt-in Bank health savings account or HSA with your HSA you can save on taxes three different ways first contributions to your HSA go in income tax free second any money you take out of your account to pay for qualified medical expenses is also income tax free third any money you save or invest grows income tax free and what happens when you make a post to tax contribution to your HSA don't worry you'll receive those tax benefits at tax time when you file your income taxes add it all up and it's more money for you and less for Uncle Sam when it comes time to do your taxes you'll have to gather some information about your HSA it's actually pretty easy you basically need to know about three IRS forms linked to health savings accounts form 1099 SI tells you the total distributions or payments that were made from your HSA form 5498 sa summarizes the contributions for deposits you made to your HSA in a particular tax year you can also find your contribution information on your December HSA statement form 88-89 this is the form you'll actually submit with your federal income tax return this can be filled out using the information from your 1099 si and 5498 si keep in mind everyone receives form 5498 but you only receive form 1099 if you had distributions that year if you didn't reach your maximum contribution limit but want to capitalize on the tax savings it's no problem you generally have until the tax filing deadline to make a contribution to your HSA for the previous tax year another tax tip make sure you understand the HSA rules where you live certain states have special rules regarding HSAs so it's a good idea to touch base with a tax advisor to ensure you're filing your taxes correctly and you can always find additional helpful resources online at irs.gov or at optin bank.com save smart to save tax free with your optimal savings account.