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Do I have to report HSA withdrawals on my tax return?
HSA distributions You report the taxable amount on the other income line of your tax return and write HSA beside it. You will also have to pay an additional tax of 20 percent on the taxable portion of your distribution, which youll calculate on Form 8889.
What happens if I accidentally contribute too much to my HSA?
What happens if I contribute to my HSA more than the maximum annual limit that the IRS allows? HSA contributions in excess of the IRS annual contribution limits ($3,600 for individual coverage and $7,200 for family coverage for 2021) are not tax deductible and are generally subject to a 6% excise tax.
What happens if you forget to file form 8889?
If you hold an HSA account (or are the beneficiary of a deceased HSA holder), youre required to attach Form 8889 to your Form 1040 when filing your personal income tax or information return. If you fail to do so, youll be unable to deduct your HSA contributions.
Are excess HSA distributions taxable?
Any excess funds added to your HSA account are subject to both income tax and an additional 6% excise tax. Both taxes are applied each year until your contribution amount is corrected.
Are HSA contributions mandatory?
Does an employer have to contribute to employees HSAs? No. Employer contributions are optional. Most employers provide some funding of employees accounts, particularly during the first few years as employees build balances through their own pre-tax payroll contributions.
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Verification of expenses is not required for HSAs. However, total withdrawals from your HSA are reported to the IRS on Form 1099-SA. You are responsible for reporting qualified and non-qualified withdrawals when completing your taxes.
Are normal HSA distributions taxable?
HSA distributions are exempt from income taxes if all of the funds are used to pay qualified medical expenses that were incurred after the HSA was established. If any portion of a distribution is not used for qualified medical expenses, that portion is taxable as income and subject to a 20 percent penalty.
How do I report my HSA contributions on my tax return?
Use Form 8889 to: Report health savings account (HSA) contributions (including those made on your behalf and employer contributions), Figure your HSA deduction, Report distributions from HSAs, and. Figure amounts you must include in income and additional tax you may owe if you fail to be an eligible individual.
Do I need to report HSA distributions?
HSA distributions You report the taxable amount on the other income line of your tax return and write HSA beside it. You will also have to pay an additional tax of 20 percent on the taxable portion of your distribution, which youll calculate on Form 8889.
Where do I report 8889 on 1040?
Disregard any plans with self-only coverage. Complete a separate Form 8889 for each spouse. Combine the amounts on line 13 of both Forms 8889 and enter this amount on Schedule 1 (Form 1040), line 13. Be sure to attach both Forms 8889 to your paper tax return.
Related links
2016 Instruction 1040 - IRS
Dec 15, 2016 Form 8889, line 9. Uncollected social security and Medicare or RRTA tax. (box 12, code A, B, M, or N). See the instructions for Form 1040,
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