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Video instructions and help with filling out and completing form 8889 instructions 2019
Welcome to simple tax one two three healthcare saving account with form 88-89 first enter basic filing information enter name social address phone occupation then go to' menu file select add optional schedule and forms check the form 88-89 HSA box click apply button then click edit button to enter data HSA account requires high deductible health plan so enter coverage type self or family enter individual contribution of $3,000 you can find this from forum 5498 si if you receive form 1099 si enter the total FSA distribution and you must enter qualified medical expense typically equal to total distribution otherwise it may subject to tax penalty of 20% when done click Save button next click import button to enter w2 income for this example enter w2 income of $70,000 now click view button to see the result form 88-89 is generated an amount of income adjustment of $3,000 is allowed this amount is also reflected in form 1040 line 25 the adjusted gross income is reduced by this amount a form 88-89 compute taxable distribution the HSA distribution exceeding qualified medical expenses subject to regular tax amount of 100 is taxable which is also reflected in form 1040 line 21 the penalty of using HSA for non qualified medical expenses $20 the results of Form 88-89 are entered into form 1040 in line 21 as HSA income in line 25 as HSA adjustment 961 as additional taxes thanks for watching