How do I report HSA contributions on 1040?
Report all contributions (employee, employer, and other third-party contributions) to your Fidelity HSA on IRS Form 8889, “Health Savings Accounts (HSAs),” and file it with your IRS Form 1040. You should include all contributions made for 2021, including those made by the tax-filing deadline.
What line on 1040 is HSA?
Line 7
Line 7 – The amount of the HSA distribution that is taxable and will be carried to Form 1040, Line 62 with box C checked and marked HSA and the taxable amount.
Where are my HSA contributions on W-2?
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.
How do I report a 1099-SA on my tax return?
HSA distributions However, if your 1099-SA indicates you did not use the distribution for qualified medical expenses, you will pay income tax on the portion you used for unqualified expenses. You report the taxable amount on the “other income” line of your tax return and write “HSA” beside it.
What is form 8889 T used for?
The purpose of the form is to report your deductible contributions, calculate the deduction, report the distributions you take to pay medical expenses and to calculate the tax you must pay on withdrawals you make for non-medical related purposes.
How do I get my tax form 8889?
Form 8889 is the only one you need to submit with your taxes. 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.
How do I get form 8889?
IRS Form 8889 can be downloaded from IRS.gov at any time. IRS Form 5498-SA is typically available around the end of January. If you contribute in the new year for the previous tax year, you will also get another 5498-SA form in May.
Are HSA contributions included in Box 1 of W2?
W2 Box 1 Wages reflects 401k contributions, but not $5,250 in HSA pre-tax payroll deductions. Box 12 Code W shows HSA contributions $1,500 Employer and $5,520 Employee. The HSA contributions are NOT subject to fed or FICA taxes and will not be included in boxes 1, 3 or 5.