Get the free Form 8889

This form is used to report Health Savings Accounts (HSAs) contributions and distributions for individuals who have coverage under a high-deductible health plan. It includes information related to

How to fill out form 8889

How to fill out Form 8889

1. Gather necessary documents such as your Form 1099-SA and Form 5498-SA.
2. Start with Part I, where you report your HSA contributions for the tax year.
3. Enter the total contributions made to your HSA from all sources in Line 2.
4. If you had an HSA for only part of the year, enter only the contributions made during that time.
5. Move to Part II to report your distributions. Enter the total distributions made during the year in Line 14.
6. Use Line 15 to report any distributions that were used for qualified medical expenses.
7. Complete Part III to determine the amount of excise tax if your distributions for non-qualified medical expenses exceed your contributions.
8. Finally, sign and date your completed Form 8889 and include it with your Form 1040 tax return.

Who needs Form 8889?

1. Individuals who contribute to a Health Savings Account (HSA).
2. Taxpayers who take distributions from their HSA to pay for qualified medical expenses.
3. Those who want to report excess contributions or make corrections to previous HSA filings.

People Also Ask about

What happens if you don't file form 8889?

Other relevant forms include Form 8889 for HSA reporting on your tax return and IRS Form 5329 for excess contributions. Not reporting contributions or distributions for your HSA can result in penalties and interest, affect taxable income calculations, require amended returns, and increase the risk of an IRS audit.

Do you have to file form 8889-t?

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.

Am I required to file 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.

Why is TurboTax saying my HSA is taxable?

by TurboTax• 1074• Updated 6 days ago If you use your HSA for non-medical expenses, you'll be taxed on the money and charged a 20% penalty unless you're disabled or under 65.

Why is TurboTax asking for 8889?

This is caused by the fact that TurboTax does not acknowledge that an HSA could exist without a high deductible plan. Hence it will insist on you filling out a form 8889, even though there is nothing to put on it. When you try to not fill in the radio buttons on 8889, TurboTax will not let you e-file.

Do I have to report my HSA on my tax return?

Yes, there are specific forms you will receive to properly complete your income tax return if you have an HSA.

Why is TurboTax asking me about form 8889 T?

This is caused by the fact that TurboTax does not acknowledge that an HSA could exist without a high deductible plan. Hence it will insist on you filling out a form 8889, even though there is nothing to put on it. When you try to not fill in the radio buttons on 8889, TurboTax will not let you e-file.

For pdfFiller’s FAQs

What is Form 8889?

Form 8889 is the IRS form used by individuals to report Health Savings Account (HSA) contributions, distributions, and to calculate the HSA deduction on their income tax return.

Who is required to file Form 8889?

Individuals who have established a Health Savings Account (HSA), made contributions to the HSA, or who have taken distributions from the HSA during the tax year are required to file Form 8889.

How to fill out Form 8889?

To fill out Form 8889, you need to provide information such as your HSA contributions, distributions, and whether you are eligible for the HSA based on your high-deductible health plan status. Specific lines on the form guide you through inputting this information, and instructions are available to assist.

What is the purpose of Form 8889?

The purpose of Form 8889 is to report HSA-related transactions, determine the amount that can be deducted on your tax return, and to ensure compliance with IRS regulations regarding HSAs.

What information must be reported on Form 8889?

Form 8889 requires reporting contributions to your HSA, distributions taken from the HSA, and any amounts that must be reported as taxable or may incur penalties. Additionally, information about the high-deductible health plan must be included.