2024 Form 8853 Archer MSAs and Long-Term Care Insurance Contracts-2025

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The document is Form 8853 for the year 2024, used to report Archer Medical Savings Accounts (MSAs) and Long-Term Care (LTC) Insurance Contracts. It includes sections for reporting contributions, deductions, distributions from Archer MSAs and Medicare Advantage MSAs, as well as details regarding LTC insurance payments. Taxpayers must complete specific parts based on their health plans and insurance contracts, ensuring compliance with IRS regulations.

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Who qualifies for Archer, MSA?

To be eligible for an Archer MSA, you (or your spouse) must be an employee of a small employer or be self-employed. You (or your spouse) must be covered under an HDHP and have no other health coverage except permitted coverage. You must not be enrolled in Medicare and cant be another persons dependent.

Are Archer MSA still available?

Like with an HSA, you need to be enrolled in a HDHP to be eligible. Archer MSAs have been restricted since 2007, but there are still some cases where a new account can be opened. Medicare MSA - If youre covered by Medicare, youll be eligible for a Medicare MSA.

What is the IRS form for long-term care insurance?

Insurance companies that pay long-term care insurance benefits are required by the Internal Revenue Service (IRS) to provide claimants with a 1099 LTC Copy B Form that reports payments made under a long term care insurance contract. Insurers typically issue 1099 LTC Forms in January for the prior tax year.

Who needs to file form 8853?

You need to file Form 8853 if you contribute to an Archer MSA, receive distributions, inherit an MSA, or receive taxable payments from long-term care insurance or accelerated death benefits.

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