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TN Form 8889: What You Should Know

HSA, which is in the column labeled Deduction. The Form 8889 must be filed by November 20, 2019. You are responsible for filling out all forms and paying any taxes due. HSA Contributions To A State Employee Retirement System (SEP)  As an employer, you may contribute more than what your employees are eligible for using the Employer Contributions (Education and Savings Accounts and Self-Employment Matching Contributions)  The contribution maximum for employees of a state, local or private entity is determined using the average cost, over a calendar year, by an insurer that complies with the requirement of section 125 of the Employee Retirement Income Security Act of 1974, as amended (ERICA) (the “ESIEC”). The ESIEC contribution limitation for employees of a state, local or private entity is 2,400.00. For example, if an individual is hired to work full-time, at a salary of 30,000.00 during the year, and was paid 10,000.00 in compensation for the 2023 calendar year, their annual contribution would be 25,000.00 and would be treated as a nonqualified HSA contribution because it exceeds the limit of 2,400.00 for a calendar year. Employees of a state, local or private employer who are not covered by ESIEC or are enrolled in a pension plan or annuity with an employee contribution limitation will be restricted from the use of their own HSA accounts to make this contribution for the 2023 calendar year, and in the future, as long as they remain employed by the corporation. This does not prevent employees of a state and their employees from purchasing their own self-insured Health Savings Accounts or SEP accounts with other employers for the purposes of making nonqualified distributions. The self-insured coverage should comply with ERICA. The contribution limits for employees of a state, local, or private nonprofit organization are also determined using the average cost, over a calendar year, by an insurer that complies with the requirement of Section 410 of the Internal Revenue Code of 1986, as amended (IRC § 410), and the contribution limitation is adjusted as applicable for the calendar year.

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