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Kings New York online Form 8889: What You Should Know
If you are self-employed, you can either deduct health savings account (HSA) contributions made on your behalf with your employer, or you can with your employer and report the self-employment income on Form 1040, IRS Form 1040A, or IRS Form 1041. Tax year 2023 – 2023 Self-employed individuals who have at least one qualifying HSA. The total contribution (the contributions made by the employer, employee, (and their respective spouses) and health savings account (HSA) deduction) do not exceed 3,650 per calendar year and must be distributed within 2 calendar years from receipt. How can I report health savings account (HSA) contributions made on my behalf? Health Savings Accounts (HSA's) are health benefits (e.g. dental, vision, life or disability insurance, and so forth) to which an individual contributes by contributing the health care costs of the person. All individuals with a health savings account (HSA) are eligible to contribute the premium and the employer contributions as a deduction directly to their health savings account. Health savings account contribution rules are subject to several limitations. An individual does not have to pay, and also cannot use, cost sharing for non-covered items or services for which any person is entitled to benefits. An individual may use the cost sharing for covered items as necessary to obtain coverage. However, that use must be reasonable. For example, you cannot use the cost sharing to purchase health insurance with the goal of reducing the amount of your monthly premium. Health savings account rules also prevent you from using the health savings account as a substitute for an IRA or a health flexible spending account. You can use a health savings account for health care expenses. However, only a reasonable portion of the funds invested in your HSA or the money that would otherwise be added to your IRAs to pay the insurance premium may be spent for health care expenses. Can my spouse contribute to my health savings account on my behalf? No. Only your tax-filing dependents can contribute to your HSA on your behalf as follows : You, your spouse, and tax dependents Dependent for 2023 filing status; Cannot contribute to your health savings account on your behalf if you have another health savings account open.
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