What is the amount reported on Form 8889 line 15?

What is the amount reported on Form 8889 line 15?

Form 8889 Distributions This is the amount of money you take out from an HSA in a given year. For example, if you have cancer and need to withdraw $12,000 from your HSA, line 14a will show $12,000. Line 15 is the amount of money you spent on qualified medical expenses.

How do I fill out Form 8889 for 2020?

How to Fill Out IRS Form 8889 (For 2020 Tax Year)

1. Line 1: This refers to what type of health insurance coverage you have.
2. Line 2: Add your total HSA contribution amount for 2020 here.
3. Line 3: Enter $3,550 if you had self-only coverage and $7,100 if you had family coverage for 2020.

What are qualified medical expenses paid using HSA distributions?

WHAT IS A QUALIFIED MEDICAL EXPENSE? For HSA purposes, qualified medical expenses generally include the expenses listed in IRS Publication 502 for the medical expenses tax deduction. The expenses must be incurred primarily to alleviate or prevent a physical or mental defect or illness.

What if I contributed too much to my HSA?

If you’ve contributed too much to your HSA this year, you can do one of two things: You’ll pay income taxes on the excess removed from your HSA. 2. Leave the excess contributions in your HSA and pay 6% excise tax on excess contributions.

Where do I find my 8889 form?

You can find IRS tax form 8889 in the “Statements & Docs” section after signing in to your account. IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year.

Are HSA contributions reported on w2?

Short Answer: Both the employer and pre-tax employee HSA contributions made through payroll are reported on the Form W-2 in Box 12 with Code W. Employers must report all employer and employee HSA contributions made through payroll as a single aggregated amount on the employee’s Form W-2 in Box 12 using code W.

Can you deduct HSA expenses on taxes?

The IRS won’t let you deduct medical expenses paid with HSA or MSA funds. Those funds are already tax-free and deducting them as medical expenses would be double-dipping. We’ll subtract the portion paid from your HSA/MSA (as reported on your 1099-SA form) so you don’t deduct them again as medical expenses.

What do you need to know about form 8889?

The Instructions for Form 8889 define “qualified medical expenses” generally as “unreimbursed medical expenses that could otherwise be deducted on Schedule A (Form 1040).” IRS instructions for Form 8889. Pub. 969, Health Savings Accounts and Other Tax-Favored Health Plans.

Where to find 1099-sa distributions on 8889?

The total distributions from Form 1099-SA may be entered on the 8889 screen, line 14a. Be sure to enter qualified medical expenses on line 15 that would not be included in the taxable amount distributed.

Can a surviving spouse fill out form 8889?

If the account beneficiary’s surviving spouse is the designated beneficiary, the HSA is treated as if the surviving spouse were the account beneficiary. The surviving spouse completes Form 8889 as though the HSA belonged to him or her.

Do you have to file form 8889 for HSA distributions?

If you (or your spouse, if filing jointly) received HSA distributions in 2018, you must file Form 8889 with Form 1040 or Form 1040NR even if you have no taxable income or any other reason for filing Form 1040 or Form 1040NR.