Health Savings Account

Question 1

What form is used to report contributions to an HSA that have not been entered anywhere else?

Answer 1

Form 8889

If a relative contributes it is considered a contribution from the owner of the HSA.

Employer contributions are indicated on the W-2 with code W in box 12

Question 2

Criteria for an HSA

Answer 2

1) Must be a high deductible health plan
for full year thru Dec 1st.
(No contributions allowed after you begin Medicare)
2) Max Contributions: $ 4150 self;
$ 8300 family
Over 55? Can add $1000

Employer contributions shown on W-2 box 12, CODE: W
Enter with W-2 and it will flow and be recognized.

Excess Contributions can be corrected prior to tax filing in the spring. Likewise, additional contributions up to the limit can be made up to tax filing in the spring.