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Form 8889 Indianapolis Indiana: What You Should Know

Form 8889 (see attached) is your reporting to the IRS of your contributions. You must also report the following from your HSA: the first 750,000 in earnings; up to 200,000 of non-dividend distributions (like interest); any non-deductible employee medical expenses; and any investment income from your HSA. To report all distributions and investment income on your tax return include this information. Get IRS Form 8889 for 2024 | Tax Deductions, Deductions and Credits Mar 10, 2024 — You can report any earnings from investment income on Form 8889 and the non-deductible premium contributions from a Medicare Part D plan or the Part C plan on Form 959. You can also report contributions to your HSA on Form 8868. This includes both employer contributions and the first 6,300 of eligible earnings from a qualified tuition plan. Get IRS Form 8 | Tax Deductions and Credits Mar 10, 2024 — Keep the first 6,300 of eligible earnings in your HSA and contribute up to 6,400 each year to meet your health care coverage requirements. Keep up with new tax tips by signing up for forms. You can download them right now and fill them out anytime. Get forms Now | Turbo Tax Jan 30, 2024 — To help minimize the tax bite on withdrawal from an HSA, invest the first 6,300 of eligible earnings in your HSA. Get Your HSA Deductions Now | TurboT ax Feb 1, 2024 — Use your HSA as income on the part of your federal tax return used to calculate the amount that you pay in income taxes. The money goes into an HSA and is used to pay for medical costs related to illness or disability of yourself, your spouse or a dependent. Get forms Now | Turbo Tax You'll have to pay income tax on your HSA distributions, unless you have made an exception to the rule that says:  “For certain health savings accounts (including your HSA, if it is a tax-tax sheltered account) that are set up for you by your employer or a qualifying employer or qualified health plan, the excess contributions that you made to such account are not subject to tax on the amount paid.

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