Around the same time you will receive Form 5498-SA from your custodian. It will detail the total contributions made to your HSA. Again, be sure to add any prior year contributions before filing Form 8889. Using this and your W2, you can calculate the employee contributions to your HSA. E...
Your employer’s HSA contributions are reported on your W2 and included as part of the total account contributions listed on form 5498-SA. Are there restrictions on when I may schedule a distribution? You may take a distribution at any time for IRS-qualified medical expenses incurred after your...
How to Deduct HSA Contributions To deduct HSA contributions from your taxable income, report contributions onForm 8889(if you use tax software, there should be a section on this) and file it with yourForm 1040return. Note that youdo nothave toitemize your tax deductionsin order to deduct your...
Health Saving Account (HSA) requires contributions from both employees and employers. The contribution earns interest, and it is used to cover eligible medical expenses.Answer and Explanation: *An employer can contribute a maximum of $3600 for a single employee and $7200 for employees with ...