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Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

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Subject Author Date
Health Savings Account kade714 02-25-2007
Posted by kade714 on February 25, 2007, 5:00 am
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 I'm going to prepare my wife and my returns this year. One
thing I have a question with. How do I handle HSA's? My
wife received something titled "Combined Tax Statement for
Forms 1098, 1099, 5498" It lists "Gross Distribution
$72.83" and that's it.

On another note, I haven't purchased software yet. Still
deciding between TurboTax and TaxAct. I know TA is cheaper,
but I'm more concerned about accuracy and saving money than
I am about an extra $20.

Thanks, as always.

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Posted by MyVeryOwnSelf on February 26, 2007, 12:54 am
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> ... How do I handle HSA's? My
> wife received something titled "Combined Tax Statement for
> Forms 1098, 1099, 5498" It lists "Gross Distribution
> $72.83" and that's it.

Get Form 8889 and follow the instructions for completing it.

For example:

- total distributions are reported on Line 12a.

- contributions are reported on Line 2; and the deductible
part (hopefully all) is carried forward to Form 1040
line 25.

<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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