IRS Form 8889 Instructions 2020 free printable template

2020Department of the Treasury Internal Revenue ServiceInstructions for Form 8889 Health Savings Accounts (Has) Section references are to the Internal Revenue Code unless otherwise noted. Instructions

How to fill out IRS Form 8889 Instructions

How to fill out IRS Form 8889 Instructions

1. Download IRS Form 8889 from the IRS website.
2. Enter your personal information in the top section of the form.
3. Complete Part I to report Health Savings Account (HSA) contributions.
4. Fill in the total contributions made to your HSA for the tax year.
5. In Part II, report distributions from your HSA and enter the amounts used for qualified medical expenses.
6. Calculate the taxable amount of any distributions not used for qualified medical expenses.
7. Follow the instructions for any additional calculations regarding excess contributions or penalties, if applicable.
8. Sign and date the form before submitting it with your tax return.

Who needs IRS Form 8889 Instructions?

1. Individuals who have a Health Savings Account (HSA).
2. Taxpayers who made contributions to an HSA during the tax year.
3. Individuals who received distributions from their HSA for medical expenses.
4. Persons subject to penalty due to excess HSA contributions.

People Also Ask about

What happens if you fail the testing period for HSA?

Testing period. If you fail to remain an eligible individual during the testing period, for reasons other than death or becoming disabled, you will have to include in income the total contributions made to your HSA that wouldn't have been made except for the last-month rule.

What is reported on Form 8889?

File Form 8889 to: Report health savings account (HSA) contributions (including those made on your behalf and employer contributions).

Who needs to fill out Form 8889?

If, during the tax year, you are the beneficiary of two or more HSAs or you are a beneficiary of an HSA and you have your own HSA, you must complete a separate Form 8889 for each HSA.

Do I need to include Form 8889?

You must always file a Form 8889 in any year you or an employer contributes money to your HSA or you make withdrawals from the account. The deduction you calculate on Form 8889 is taken on the first page of your income tax return.

What is the last month rule for 8889?

Last-month rule. If you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers), you are considered to be an eligible individual for the entire year, so long as you remain an eligible individual during the testing period as discussed below.

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What is IRS Form 8889 Instructions?

IRS Form 8889 Instructions provide guidance on how to complete Form 8889, which is used to report Health Savings Account (HSA) contributions, distributions, and other relevant information.

Who is required to file IRS Form 8889 Instructions?

Individuals who have a Health Savings Account (HSA) and want to report contributions, distributions, or claim deductions for HSA contributions must file Form 8889.

How to fill out IRS Form 8889 Instructions?

To fill out IRS Form 8889, individuals must provide details about their HSA contributions, distributions made during the tax year, and any deductions claimed. The instructions guide users through each section of the form.

What is the purpose of IRS Form 8889 Instructions?

The purpose of IRS Form 8889 Instructions is to explain how to accurately report HSA-related financial activities, ensuring taxpayers comply with tax laws and avoid penalties.

What information must be reported on IRS Form 8889 Instructions?

The information that must be reported on IRS Form 8889 includes HSA contributions made, distributions received, any qualified medical expenses paid, and any amounts rolled over or transferred from another HSA.