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Form 8889 Escondido California: What You Should Know

The 2018 tax year ended January 31, 2024 (not 2017), and the 2024 tax year begins July 1, 2020.  The form is also available to all individual taxpayers who have an HSA that is eligible for the Health Savings Account option. It's available at IRS.gov/Form8889.  New “Health Savings Account” tax benefit is the “qualified financial contract”. If you have a new 2024 or 2024 tax year, and you do not hold an HSA, but you plan to contribute to an HSA you will receive a notice in August. Do NOT file Form 8889 as the information will be incorrect, and you can end up losing coverage. The Notice says: “The following 2024 health savings account (HSA) contribution limits have been revised and increased for 2024 with an effective date: • Contributions for individuals age 50 and older up to 2,250 (3,000 for married filing jointly) or 5,200 (6,000 for married filing separately) per calendar year for individuals whose modified adjusted gross income (MAGI) does not exceed 110,200 (125,800 for married filing separately).” “The new limits apply to all individuals age 50 and older who own an HSA (including the account holder) and to all individual individuals age 50 and older who own an HSA that was opened in 2017. The new limits apply to contributions for new enrollment and contributions made after August 1, 2018, to any health savings account (HSA) that was opened after July 1, 2018, or was converted and opened after April 30, 2018.” This means: Individuals who have an HSA and have been active the past year will be able to keep their health care benefits from that HSA. Individuals will make HSA contributions to their HSA, that will be deductible. Individuals who have an HSA can now enroll. Individuals who do not have an HSA and who were previously eligible for certain medical care (such as those from their employer) will be able to get medical coverage through a special health insurance contract. Individuals who had a provider pay doctor's office benefit or had coverage from HSA providers prior to becoming eligible for health care coverage. The notice says, “The individual health care provider mayor (PPC) agrees to provide a higher share of covered services to the eligible individual.

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