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Video instructions and help with filling out and completing form 8889 instructions 2019

Instructions and Help about 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

FAQ

Can I pay for my gym membership from my personal HSA account?
Yes, you can. You can pay for anything out of your HSA account.However, if you pay for your gym membership out of your HSA account you will incur a tax penalty of 20% and owe income taxes that you need to self report and pay at the end of the year via IRS form 8889.This is because currently gym memberships are not considered an expense that is eligible for favorable tax treatment that is defined within the IRS tax publication 502.But wait, there is hope!On July 25th 2018 the House of Representatives passed Bill HR 6199. Section 8 of the bill reads as follows:“Sec. 8. Certain Amounts Paid for Physical Activity, Fitness, And Exercise Treated as Amounts Paid for Medical Care Qualified sports and fitness expenses are treated as qualified medical expenses up to a limit of $500 a year for an individual and $1,000 a year for a joint return. This includes amounts paid for membership at a fitness facility, participation or instruction in a program of physical exercise or physical activity, or safety equipment for use in a program of physical exercise or physical activity.”The bill has not been taken up yet by the Senate and does include many other pieces so even if passed section 8 could potentially be altered or removed.With that type of attention already in place it is possible that Gym Memberships sooner rather than later could be an eligible expense within an HSA account.For now though it may be a better investment of resources to avoid the 20% penalty and retain the income tax advantages of HSA participation if you can and pay for that Gym membership from another account.