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Printable Form 8889 Westminster Colorado: What You Should Know

The Colorado Department of Revenue offers free services to prepare tax returns for individuals and small businesses. Check out the Colorado Tax Assistant, a service made available by both the Colorado Department of Revenue and the National Taxpayer Advocate, to help taxpayers prepare and file Colorado tax returns. Colorado Health Savings Account (HSA) Exemption A health savings account is an account you set up and pay with after-tax funds. A health savings account may not be used for elective surgical procedures. The exemption applies to any excess contribution from your HSA, up to 250,000. When creating a health savings account, you are allowed to put any funds you are entitled to from your employer into the account. HSA Limits are Exceedingly Lacked in 2016–2017 July 11, 2023 — For 2016–2017, the IRS issued new regulations about the health savings account (HSA) regulations to replace those that had been in place since 2004; in June 2023 the IRS provided more specific guidance on the exclusion of contributions from plans such as High Deductible Health Plans. Effective for taxable years beginning after September 13, 2017. In a taxable year beginning after September 13, 2017, if your modified adjusted gross income is 500,000 or less (150,000 if filing jointly), you may be able to make an unlimited contribution to an HSA. However, you are only allowed to take partial distributions from the account. For example, if you have 500,000 of excess contributions from your HSA, you may withdraw up to an excess amount to meet your tax obligation. However, these withdrawals are tax-free if you have less than 100,000 of excess contributions from your HSA. These withdrawals are tax-free even if your excess contributions are used to pay for an elective surgery, certain outpatient treatments, or medical insurance premiums. (1) If you have a 1,000,000 or less individual retirement account and you elect the Roth IRA option and use an HSA as a beneficiary then you are not eligible for the total HSA exclusion. You may not put money into your HSA when you make eligible medical expenses (medical or dental) or eligible charitable contributions (deduction) that are eligible for the medical care deduction. The 100,000 contribution limits applies to the first 2,200 for each individual beneficiary.

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