Get the free 2017 HEALTH SAVINGS ACCOUNT ELECTION CHANGE FORM - uc.edu

A Health Savings Account (HSA), available only to High Deductible Health Plan .... Account contribution at any time by completing the HSA Election Change Form. ... IRS Restrictions on Has if you have

How to fill out 2017 health savings account

How to fill out 2017 health savings account

1. Gather all necessary documents such as your W-2 forms and 1099-SA form.
2. Complete Form 8889 by providing your personal information and the details of your health savings account.
3. Calculate your contributions to the health savings account and report them on line 2 of Form 8889.
4. Determine if you are eligible for additional catch-up contributions and fill out line 3 accordingly.
5. Report any distributions made from the health savings account on line 14a and 14b of Form 8889.
6. Check for any penalties or additional taxes that may apply, and include them on line 14c if applicable.
7. Enter the total amount of your health savings account balance on line 15.
8. Sign and date the form, and attach it to your tax return.

Who needs 2017 health savings account?

1. Anyone who wants to save money for their medical expenses and has a qualified high-deductible health plan (HDHP) for the year 2017 needs a health savings account.
2. Individuals who want to take advantage of tax savings and the ability to roll over unused funds from year to year can benefit from having a health savings account.
3. People who anticipate having high medical expenses that are not covered by insurance can benefit from having a health savings account to help cover those costs.
4. Those who want to have control over their healthcare decisions and spending can benefit from having a health savings account.

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What is health savings account election?

A health savings account election is when an individual chooses to contribute to a health savings account (HSA) as a way to save for medical expenses.

Who is required to file health savings account election?

Individuals who are eligible to contribute to an HSA and choose to do so are required to file a health savings account election.

How to fill out health savings account election?

To fill out a health savings account election, individuals need to indicate their desired contribution amount for the year and submit the necessary paperwork to their HSA provider.

What is the purpose of health savings account election?

The purpose of a health savings account election is to allow individuals to save for qualified medical expenses on a tax-advantaged basis.

What information must be reported on health savings account election?

Information such as the individual's desired contribution amount, personal information, and any other relevant HSA details must be reported on a health savings account election form.