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Chicago Illinois Form 8889: What You Should Know
Note, all employees must report HSA distributions for the year. Health Savings Account (HSA) Contributions & Expenditure Reports You may be required by an employer to submit a statement on your behalf. This is where the HSA will be reported. It will be provided by your company as reimbursement for employee contributions, unless you have a separate agreement from your employer to pay the contribution back to you. You are required to report any payments your employer makes to you in accordance with Form 8945, Employer's Election to Pay Non-Employee Compensation as Employment Taxes. You may choose to be reimbursed by your employer for these non-employee compensation contributions. For example, the employer may agree to use HSA funds to pay for: The cost of your annual office supplies (if you provide the materials). The cost of equipment your employer purchases to run the business. Travel expenses for work related events and for going to professional seminars. Any out-of-pocket expenses incurred for training your spouse or defendants of your spouse. Your company-provided pension, disability compensation, or employee discount plan contributions or purchases. To report the cost of any non-HSA insurance premiums you pay, as well as the cost of deductibles and co-payments, the Form 8945 must be filed with your return of income or with a supplemental return. You are not required to do this at the time a health plan is established to assist you with insurance costs (such as a health insurance policy). This is generally at the time you start working towards establishing your HSA. You also may file it by October 15 of the year. However, if you paid premiums or co-payments on behalf of your spouse, they will generally have to be reported on Form 8889. For HSA coverage to start, you have to be enrolled and filing your taxes by the due date and there is no exception for this filing deadline. Health Savings Account Contributions & Expenditure Reports You may be required by an employer to submit a statement on your behalf. This is where the HSA will be reported. It will be provided by your company as reimbursement for employee contributions, unless you have a separate agreement from your employer to pay the contribution back to you. You are required to report any payments your employer makes to you in accordance with Form 8945, Employer's Election to Pay Non-Employee Compensation as Employment Taxes.
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