How to Complete IRS Form 8889 for Health Savings Accounts (HSA)
A U.S. taxpayer with a high deductible insurance plan is allowed to open a Health Savings Account (HSA) to help cover some of their medical costs.
The appeal with an HSA is the contribution to the account is tax deductible (similar to a traditional IRA) even if you don't spend money in the current period on medical expenses.
Whether you make contributions personally or via your employer, you need to file Form 8889 to report contributions to the account and any distributions used for medical costs.
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#IRS #Form8889 #HealthSavingsAccount
DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.
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