Form 8889 part 2
WebCode W represents employer contributions (including amounts the employee elected to contribute) into an HSA. In my case, I made 100% of the contribution. My HSA contribution for 2024 was $6,300. For the life of me, I can't figure out what happened because this was my money and it should have reduced my taxable income because the HSA comes out ... WebForm 8889, Part I. Form 8889, Part 1, is used to report all HSA contributions and to compute the allowable HSA deduction. This includes contributions made by the filing deadline that are designated for the tax year. Contributions made by an employer are also shown in Part I, but are not included in the deductible amount. ...
Form 8889 part 2
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WebForm 8889 Instructions—Part II. This section of tax Form 8889 assesses your distributions and verifies whether it was spent properly. Line 15 determines how much was spent on qualified medical expenses; any … WebJun 5, 2024 · How do you determine the value for line 2 of form 8889? Do you take the value in box 2 of 5498-SA and subtract the value of box 12 in the W-2? The value of line 2 is normally the amount of "personal" contributions that you made to the HSA. That is, these are contributions that you made directly to the HSA, NOT through your employer.
WebName(s) shown on Form 1040, 1040-SR, or 1040-NR Social security number of HSA beneficiary. If both spouses have HSAs, see instructions. Before you begin: Complete … (See Part III.) Account Beneficiary. The account beneficiary is the individual on … File Form 8889 to: Report health savings account (HSA) contributions (including … WebAdjustments to Income Workout Check Your Knowledge Question 1 of 2 Barbara incurred $3,000 of unreimbursed qualified medical expenses. She received a $2,000 distribution from her HSA to pay for these medical expenses. Using Form 8889, determine Barbara's taxable HSA distribution. Main Menu Print Help Glossary References Exit
WebFeb 8, 2024 · An additional 10% tax will be calculated on Form 8889, Part II. A part or all of the amount may be excluded from the 10% tax by making an entry in Amount to exclude from 10% tax (1 = exclude all). The 10% tax doesn't apply if the distribution is made after the account holder dies, becomes disabled, or reaches age 65. WebJenny's Form W-2 shows $650 in Box 12 with code W. She has Form 5498-SA showing $3,650 in Box 2.. ... Jenny can include her mother's contribution on Form 8889, Part 1. True/false? 7. Jenny is eligible to contribute an additional $_____ to her HSA because she is age 55 or older. 8. The gym membership is a qualified medical expense for HSA purposes.
Web8. What is the total unreimbursed qualified medical expenses reported on Form 8889,Part II? 2980, she can't deduct Zumba classes For the purpose of determining dependency, Marie meets the conditions to be the qualifying child …
Web8889 2024 Health Savings Accounts (HSAs) Department of the Treasury Internal Revenue Service Attach to Form 1040, 1040-SR, or 1040-NR. Go to www.irs.gov/Form8889 for … glasses direct how to adjust glassesWebPart I – HSA Contributions & Deductions - This section of Form 8889 is used to report contributions that were made to an HSA by the taxpayer, their employer, or a trustee-to … g5 scythe\u0027sWebMar 22, 2024 · The form 8889 instructions (line 13) say: HSA deduction. Enter the smaller of line 2 or line 12 here and on Schedule 1 (Form 1040), Part II, line 13 There are similar … g5rv zs6bkw family of antennasWebInstructions for Form 1040 and the Instructions for Form 1040-NR. Who Must File You must file Form 8889 if any of the following applies. • You (or someone on your behalf, … g5rv half size near groundWeb14. The amount of unreimbursed qualified medical expenses reported on Form 8889, line 15 is $_______. Interview Notes • Yvette Kohen, age 45, is a single parent raising her son, Gabriel. • Yvette qualifies to file as Head of Household. • For the last four years, Yvette has had family health coverage through a High Deductible Health Plan ... g5 scoundrel\u0027sWebFeb 12, 2024 · Part two of Form 8889 determines if any taxes and penalties apply to amounts spent or distributed from your HSA. The penalties calculated in this part will only apply to non-eligible spending from your HSA. Note that you are excluded from these penalties the year you turn 65 but not from paying income tax when using HSA money … g5 reflection\u0027sWebNov 6, 2016 · The first step is defining your contribution limit for the year. The IRS defines HSA contribution limits by type of insurance coverage: Self-only or Family. For 2024, these amounts are $3,400 and $6,750, respectively. You can also contribute $1,000 more if you are over 55 per the Catch-Up Contribution. glasses direct refer a friend code