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Archive for the ‘Taxes’ Category

Employer Contributions to HSAs – Tax reporting tidbits


Posted on January 9th, 2009 by WPJ

The most common question about HSA contributions is “What should be reported in Box 12?”
The confusion stems from the label of “employer contributions.” Both the employee and employer contributions should be showing in box 12, code W.   IRS Publication 969, for tax year 2008 ( page 10)  indicates that contributions made by the employer via salary reduction [...]

What tax forms do I need for my HSA?


Posted on December 1st, 2008 by WPJ

What tax forms will I get? What is reported to the IRS?
Two tax forms will be sent to you, and to the IRS. The first is Form 1099-SA. This form is sent no later than January 31. Form 1099-SA tells you what distributions have been made from your health savings account during the calendar year. [...]

Can I use my HSA to pay for Concierge medical fees?


Posted on November 25th, 2008 by WPJ

There are essentially four “Concierge” models:

Fees for care. In this model the fees charged are directly related to medical care, as described by the IRS, and would generally be considered as eligible medical expenses under the HSA guidelines.
Annual Physical. Here a fee is charged for an annual physical, usually comprehensive in scope, that includes no [...]

My children are tax dependents of my former spouse -can I use my HSA to pay their medical expenses?


Posted on November 11th, 2008 by WPJ

 
Yes. IRS Notice  2008-59, Q&A 33 addresses the question of a dependent being claimed by a former spouse.   
Q-33. Do qualified medical expenses for HSA purposes include the § 213(d) medical expenses incurred by an account beneficiary’s child who is claimed as a dependent by the account beneficiary’s former spouse?
 A-33. Yes.

Taxpayers put stimulus payments in HSA by accident – IRS allows a fix.


Posted on June 16th, 2008 by WPJ

The Internal Revenue Service said that economic stimulus payments directly deposited to individual retirement accounts and other tax-favored accounts may be withdrawn tax- and penalty-free.
The relief is designed to help taxpayers who may have been unaware that by choosing direct deposit for their entire regular tax refund, they were also choosing to have their stimulus [...]