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Beaumont Texas Form 8889: What You Should Know

Health Savings Accounts) are now able to claim contributions from their account for covered medical expenses that apply to an individual, a spouse or a beneficiary. Form 8889, Health Savings Accounts (Has) — IRS Oct 14, 2024 — The Form 8889 and its supporting documentation have been published for the 2024 and 2024 tax years. The 2024 tax year guidance document can be found here. The guidance document is now online. This guidance document includes some new tax implications for the HSA and the following are additional tax implications that are not applicable to the HSA but should be considered when evaluating the HSA: Medical care related to a covered health problem can be paid under the HSA. The total amount that the HSA can contribute to a covered health problem, and the exclusion on covered medical costs, is 2,500. If the HSA is terminated for any reason, its contribution is not prorated. The contribution to a covered health problem can be prorated at the end of the year to the next year. After the proration, the remainder of the amount can never make a contribution to a covered health problem. A person with the HSA must pay tax on any excess contribution that exceeds the exclusion. No deduction for excess contribution. Reducibility of contributions can be taken only if all the following conditions are satisfied: The unused balance is used in payment of a covered health risk. The excess is used not in payment of a covered health risk. The excess is not used to purchase an item that is covered pursuant to a health cost sharing arrangement (such as an HSA or health flexible spending arrangement (health FSA's)), or for other tax-exempt purposes. The person can be treated as having an HSA, or, if both the person and their spouse do not have the HSA, can be treated as having the HSA, even if they do not have a qualified health plan (HP). The person can be a HP for up to two complete tax years in a single tax year. HSA holders must make tax-free HSA contributions (after the initial contribution and as long as the plan continues to exist), at least the contribution allowed under the terms of the Plan (the HSA contributions of the original account holder, and those made by him or her when he or she is terminated from the Plan).

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