Last Updated : January 14, 2009
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8889

Form 8889

Health Savings Account


PURPOSE OF THE FORM:
Use form 8889 to :

  • Report health savings account (HSA)contributions (including those made on behalf of taxpayer and employer contributions),
  • Figue the taxpayer HSA deduction, and
  • Report distributions form HSA's.

The taxpayer must file FORM 8889 if any of the following applies:

  • The taxpayer (or someone on his behalf including his employer) made contributions for 2006 to his HSA.
  • The taxpayer recieved HSA distributions in 2006.
  • The taxpayer acquired an interest in an HSA because of the death of the account beneficiary.

Refer publication 969 for more details.

HSA :
Generally an HSA is a Health Savings Account set up exclusively for paying the Qualified medical exepnses of the account beneficiary or the account beneficiary's spouse or dependents.

PART - I HSA CONTRIBUTIONS AND DEDUCTIONS :
Use part - 1 to figure :

  • Your HSA deduction
  • Any excess contributions you amde (or those made on your behalf) , and
  • Any excess contributions made by an employer.

Complete lines 1 through 11 as instructed on the form. However, if you and your spouse if filling jointly, are both eligible individuals and either of you have an HDHP with family coverage complete a seperate form for taxpayer and spouse as follows.

  • If either spouse has an HDHP with family coverage, you both are treated as having only the family coverage plan. Disregard any plan with self- only coverage.
  • If both spouses have HDHP's with family coverage, you both are treated as having only the family coverage plan with the lowest annual deductible.

Combine the amounts on line 11 of both forms 8889 and enter this amount on FORM 1040 line 25.

PART - II HSA DISTRIBUTIONS :
Distribtuions from an HSA used exclusively to pay qualified medical expenses of the account beneficairy , spouse, or dependents are excludable from gross income.The taxpayer cna recieve distributions from an HSA even if the taxpayer is not currently eligible to have contributions made to the HSA. however any part of a distribution not used to apy qualified medical expenses is includible in gross income and is subject to an additional 10% tax unless exception applies.

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