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8889 part 2 2023 Form: What You Should Know
It's an unusual form, because it seems to be unique for a reason (the HSA, tax-free) and you wouldn't expect it to be used with other health savings accounts. How the IRS Forms 8889 are Performed (from IRS.gov) If your HSA account is not an Individual Retirement Arrangement (IRA) or a Health Savings Account (HSA), go to the IRS Web page and click on “Get a Copy of Your HSA Statement” or on “Obtain a Copy of a Health Savings Account Statement.” Read carefully the instructions for filing your Form 8889 and you will complete both pages. Do I have to Report and Pay Income Taxes on My HSA? Yes, you do. Every time you make a donation or a distribution from a health savings account, you are required to file Form 8889 (also known as a “Medicare Exemption Statement”) with your tax return. What is the Amount of the Tax on HSA Contributions? Form 8889 (also known as a “Medicare Exemption Statement”) is a separate tax return form. It doesn't include any information about the HSA in its summary. It gives information about the contributions only and not the HSA. You must also file your 1040X or 1040 with “Medicare Exemption Statement” shown as one of the line items under the “Other Expenses” heading. Do I have to Report and Pay Income Taxes on my HSA? Yes, you must report the interest on HSA contributions. Also, you must pay income tax on your HSA payments, since the HSA is a qualified health savings account. For questions about the reporting requirement, write to Internal Revenue Service, P.O. BOX 4040, WASHINGTON, DC 20016.
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