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Form 8889 MS: What You Should Know
E on the health, wellness, and similar distributions. HSA Distributions are considered to be excise taxes, not to be deductible tax credits, because they are contributions to an HSA. For individuals who started out with an HSA of less than 250.00, they are required to report, regardless of the amount of the distributions received, their distributions as a contribution to a health savings account (HSA). For individuals age 55 or older who received distributions in 2024 of not more than 1000.00, they are required to report any of the following information with their HSA tax return: If the individuals choose to contribute to an HSA, you do not have to file the HSA tax report. You are required to make a choice for all individuals who participated in any of the following health benefit plans in 2014, regardless if those participants contributed through an HSA or health care contract with health insurance companies. If the health plan (such as a HMO or CO-OP) covered individuals with disabilities, the plan must cover all individuals and families with disabilities who received a monthly or annual contribution of at least 400.00. (For more information, visit). There are no changes to the requirements for reporting from the prior year. Who is HSA-Qualified? The health savings accounts (HSA) requirement only applies to individuals age 55 and older who had health insurance coverage in 2014. It also only covers individuals with a plan or health coverage from an HMO, HCA, CAMPUS, or other health insurance issuer, and not any provider-operated health plan. However, under Sec. 36B(c)(3)(B), an HSA plan or health coverage can elect to allow an employee to invest in a plan described in Sec. 36B(c)(2) and meet the requirements for the HSA contribution without regard to the individual meeting the health savings account requirements. Therefore, all employers, regardless of health insurance coverage, may choose to allow their employees to meet the health savings account contribution requirements and may not be required to meet the HSA requirements directly.
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