The IRS has published new versions of various forms and instructions used by taxpayers to assist them in preparing their 2017 income tax returns.
For participants in the Health Savings Account (HSA), you can find new instructions for IRS Form 8889 used to report contributions and distributions to the HSA on personal tax returns.
Individuals should review these updated forms and instructions and work with their tax preparer to further understand how this information may impact their income tax filing.
The IRS has published the IRS Publication 969 which provides general information to taxpayers who participate in flexible spending accounts FSA), medical savings accounts (MSA), health reimbursement arrangements (HRA), and/or Health Savings Accounts (HSA). Participants also need to rely on any plan documents and summary plan description (SPD) provided by their employer that will explain the specifics of their plan(s).
Want to learn more about HSAs? Check out our 2018 webinars Introduction to HSAs from January and Advanced HSA Concepts in February!