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Alabama Form 8889: What You Should Know

You receive a qualified HSA payment(s) through your health care professional for medical care expenses, and you have medical expenses for the year that total less than the limit, if any, specified in the rules in this paragraph. You make the contributions to the plan on which the HSA payment is based. Furthermore, you meet the age 60 penalty requirements of Section 36-12 of the Internal Revenue Code. Furthermore, you do not make a qualified medical expense contribution to your HSA unless you have other assets with total value of 2,500 or less on the date of the contribution. A qualified HSA payment is a medical payment or medical advance payment. (See the summary below for the definition of a medical expense and a qualified medical expense.) In order to make a qualifying contribution to an HSA, the following are required: A high deductible health plan must be a qualified health plan (HP) offering health insurance coverage that provides no-cost coverage to a medically fragile individual. You must be the insured, and you must be under your own healthcare professional's treatment. You choose an HSA to contribute to on the date of coverage. The HSA must be under the care and control of the covered professional providing the coverage for which the medical expense deductions are allowable. The HSA must be established and maintained prior to the tax year for which the medical expense deduction is being taken and maintained by the coverage provider for the period of coverage. Contributions made to the HSA by the covered individual for medical care expenses must meet the limits determined in this paragraph. You must make the contribution no later than April 15th of the year following the year of coverage for that medical expense. Contributions for coverage under the HSA must be taken by the date the medical expenses are incurred. If you have a high deductible health plan, the payment is not included in your gross income. You must include the payment on Form 8889. You are not required to pay the full cost of the qualified HSA payment until after you have qualified for the deduction. For more information regarding the form and payment procedures, refer to IRS.

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