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Form 8889 for Portland Oregon: What You Should Know
May 22, 2023 — Form 8889 has to be filed by mid-May to avoid penalties, such as the requirement that you withhold 2,500 from your wages to cover your HSA contributions. May 21, 2023 — If you do not file Form 8889 from a job, your employer can send it automatically to you. May 21, 2023 — For all federal and state forms, print, complete, sign, and mail in. May 21, 2023 — Filing deadline for Form 8889 in the IRS publication, 2023 Tax Guide for Individuals. May 21, 2023 — For Form 8889, do not enter the required information into the calculator. Use your hand to calculate the amount of an individual's self-employment income, as long as your self-employment income is from wages. Enter only information that is needed to complete the form. The self-employment income calculation is based on your taxable income from work, and your adjusted gross income (AGI) from self-employment. The formula used is the following: Self-employment income = wages + 10% business expenses (business expenses include interest, depreciation, and real estate taxes), plus 25% from nontaxable income (other than the self-employment income you receive, of the type used to figure your self-employment income) May 21, 2023 — For federal income tax purposes, individuals are not required to include any self-employment income or any wages reported on Form 8889. In fact, if you don't include HSA contributions to your income tax return for the year, you may qualify to get a refund for the amounts you included on Form 8889. Also, if you do not deduct HSA contributions from your income tax return, you may be able to get a refund for the amounts you paid to an HSA in a prior year only if you did not have coverage and if you did not pay more for other health insurance than the premiums for your HSA. If you are self-employed and your only income is wages and self-employment income, you will not be entitled to refundable credit for any HSA contributions you made to an HSA during the year. You can elect to report up to the exclusion amount on Schedule SE. May 25, 2023 — HSA contributions are reportable on Schedule SE.
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