Health Savings Account HSA Tax Forms and Tax Reporting Explained!

Health Savings Account HSA Tax Reporting Guide #HSA, #Healthsavings #Tax

***Please Read****
You also usually can’t use HSA money to pay for health insurance premiums unless you meet certain criteria you’re only qualified to use HSAs toward premiums if you’re enrolled in Medicare, are on COBRA continuation coverage, receive state or federal unemployment benefits, or have eligible long-term care insurance. Consult with IRA publication 969 for further detail.

⌚ Time Stamps so you can jump to any point in the video
►00:00 Start
►0:36 Form 5498-SA Health Savings Contributions
►3:48 Form 1099-SA Health Savings Distributions
►5:13 Health Savings Contributions per your W-2 Form.
►7:00 Form 8889 Reporting HSA Contributions and distributions
►10:48 Tricky parts of form 8889 and where to go to learn more
►12:49 Common misconceptions about HSA Contributions
►13:28 Example continued on Form Schedule 1 and Form 1040.
►17:15 Calculating your net tax savings on your HSA contributions

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[MoneyandLifeTV]

⌚ Time Stamps so you can jump to any point in the video
►00:00 Start
►0:36 Form 5498-SA Health Savings Contributions
►3:48 Form 1099-SA Health Savings Distributions
►5:13 Health Savings Contributions per your W-2 Form.
►7:00 Form 8889 Reporting HSA Contributions and distributions
►10:48 Tricky parts of form 8889 and where to go to learn more
►12:49 Common misconceptions about HSA Contributions
►13:28 Example continued on Form Schedule 1 and Form 1040.
►17:15 Calculating your net tax savings on your HSA contributions

[tomwalinski]

Thank you for this video! I have been filing 8889 for years, and I don't think I have ever done it right! Every year I watch videos about it, but your explanations are the best I've seen.

[rider]

Thanks for explaining the difference between line 2 and line 9. Those two had me really screwed up. This video is tops, Thanks!

[MoneyandLifeTV]

***Please Read****
You also usually can’t use HSA money to pay for health insurance premiums unless you meet certain criteria you’re only qualified to use HSAs toward premiums if you’re enrolled in Medicare, are on COBRA continuation coverage, receive state or federal unemployment benefits, or have eligible long-term care insurance. Consult with IRA publication 969 for further detail.

[JuanDiaz-vmpv]

I have watched multiple videos in this channel during the 2022 tax season and they all have given me the answers I was looking for. Thank you so much. Keep up with the great work!

[dtoddh]

I realize this is an older video and may have been addressed: At 14:50 you are talking about insurance premiums not being a qualified HSA expense. Actually they can be used for COBRA insurance premiums. Great vid, thanks for posting it.

[chewie]

I love my HSA account. It’s mostly invested and of course growing nicely

[rayoh]

Hey MK, thanks for a very thorough video. I learned a few details I didn't know before. In addition, I made a note in my 2019 tax file to watch this video again next year when I fill out my 1040. Keep up the good work!

[anniealexander]

Very informative! I signed up for my hsa account this morning.

[jadenardini]

I really enjoy this video. I thing to use actual tax forms for explanation of HSA is excellent.

[stuntVet]

I like that. He kept it real about how we all or most of us learn. Yes, some people are born geniuses period, but for the rest of us he kept it real. Read the instructions hubbiessss

[newnnow]

Every year I contribute to HSA account, and always wondering how it works when filing for tax return. Thank you again! You & Chipper always provide us good info :)

[taketime]

Being that I am a vet and have free health care for many many years, understanding health coverages is majorly complex to me. Now that I do my kids taxes.... imagine my confusion when I couldn’t file free for my daughter because of the HSA entry on her W2. She also didn’t receive a 1099sa or a so I was surprised when this occurred. Never seen it coming. Lol. It’s now March 30th and I’m trying to learn about this quickly. I found a nice blog that explained HSA and taxes pretty good. But I still had questions. Found your video first and I’m glad I did because my time is so limited right now. You explained this Now I know who to call, what questions to ask, and how to be SURE her taxes are filed THANK YOU so much for sharing this information!! ( and yes... they don’t teach this in so I am teaching my 2 young adult children how to file their taxes). It’s good to know, even if you pay someone else to file them for you. You should know how they “come up with that number”, whether it’s the number you owe or the number you 👍👍👍. And I definitely subscribed to your channel!!!

[torourk]

Thanks for this! I have a 5498-SA and 1099-SA for client that I am entering right now. I am using Drake which does not exactly dumb it down for you. I was never sure if that I was entering this correctly until now. Your videos are appreciated!

[karenpalardy]

Thank you so much for explaining this I’m happy I found your video!!

[TheHassanmansour]

Great Illustration. I hope you do more of this great tax videos

[emikami]

Another great video walking through HSA reporting. There's a bit of explaining needed for box 9 in Form 8889 for employer contribution. The instructions will have a worksheet to calculate this based on W-2 Form box 12 code W. In the instructions for Form W-2, it indicates the amount includes both your employer's contribution and the amount you had withheld through your employer through the cafeteria plan. In other words, even though it states "employer contribution" it should include your contribution that was contributed through your employer's payroll deduction that already was accounted for on the W-2. I always have to triple check this to make sure my numbers add up.

[markofmckinney]

This was awesome... thank you! Question for you... If I've been failing to take this adjustment to income, can I go back to years past to get it, and if so, how far back. Thank you again!

[mihandsplitters]

Mike just wondering during your final installment on the HSA series if you could elaborate on how the account will be taxed as ordinary income if I am not mistaken and not tax free. Thank you in advance for everything you do for all of us.

[douglassmith]

Being unemployed after a downsizing, I used some IRA distributions for my 2020 income. As well I had Fidelity do a one time roll from my IRA to max my HSA for 2020. This will be an interesting tax year for us.