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Pima Arizona Form 8889: What You Should Know

To make additional contributions to your HSA, you must make a separate IRA contribution. This annual deduction is 900 in 2023 and 1,500 in 2023 and 2019, but is reduced to 700 for each year after 2022.  1040 Tax Calculators: Fidelity, HSA Calculator You may receive an 899-MISC from your health benefits provider. If you filed your most recent Form 5498 or Form 6055 and the provider issues an 899-MISC for 2016, 2018, or 2019, you can use the Fidelity 6055/5950 or HSA calculator to: Compare your health plan premium and deductibles or coinsurance premiums. Enter all the health insurance options in the online tool. Annual Deductible:  The annual deductible is deducted from each health insurance premium contribution regardless of how much you pay for the plan. It is used when determining the cost of your plan and is included in the total dollar amount the provider pays (which can be used to offset any out-of-pocket expenses such as copay and deductibles).  Rates: The annual deductible is determined by using the health insurance premium rate based on average actuarial value (AVA) for the age group you are enrolling in the health plan, and does not use any health care-related factor such as cost-sharing or premiums. Health Savings Account (HSA) Tax Penalty If you have not paid the HSA tax penalty on 2 tax return, you may either pay it or take one of the following actions, which you apply the penalty to for the following years: If you did not claim the excess contributions to your tax return for 2015, 2017, and 2018, you owe the health credit tax penalty for the year in which you failed to report the excess contributions. If you are a married couple filing jointly and did not report the excess contributions to your 2023 tax return, you are now eligible to claim the excess HSA contributions to your 2023 tax return if you file Form 1040, 1040-SS, or 1040NR and file your return by November 15, 2017. If you are an individual whose health plan has an HSA, the excess contributions you made to a qualified health savings account (HSA) can be used to offset the deductible amount you had to pay for health insurance coverage you had.

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