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How to fill out the Form 8853 online
Form 8853 is used to report Archer Medical Savings Accounts (MSAs) and Long-Term Care Insurance Contracts. Completing this form accurately is crucial for proper tax reporting, particularly for individuals utilizing these specific healthcare accounts. This guide provides clear, step-by-step instructions for filling out Form 8853 online, ensuring that all necessary details are captured effectively.
Follow the steps to navigate and complete Form 8853 online.
- Click ‘Get Form’ button to access the document and open it for editing.
- Begin by entering the names of the individuals shown on the tax return in the designated field at the top of the form.
- Next, input the social security number of the MSA account holder if applicable. If both partners have MSAs, complete a separate section for each.
- Proceed to Section A for Archer MSAs. If you only have a Medicare Advantage MSA, skip this section and go to Section B.
- In Part I for Archer MSA Contributions and Deductions, fill in the total employer contributions received in the specified year, as per the provided instructions.
- Enter your personal contributions towards the MSA, including any made early in the following year for the current tax year.
- You will then supply the necessary compensation figures from your employer, or if self-employed, your earned income related to the high deductible health plan.
- Calculate your Archer MSA deduction by entering the smallest value from the previous lines.
- If applicable, fill out Part II for Archer MSA Distributions by entering total distributions received and any amounts rolled over to another MSA.
- Complete Section B for Medicare Advantage MSA Distributions, including total distributions and qualified medical expenses.
- If relevant, answer the questions regarding long-term care insurance contracts in Section C.
- Finally, review your entries for accuracy and save your changes. You can then download, print, or share the completed form as needed.
Take the next step and complete your Form 8853 online today to ensure accurate tax reporting.
Form 8853 is a tax document used to report distributions from health accounts, such as health savings accounts or Archer medical savings accounts. It helps taxpayers claim eligible medical expenses and understand their contributions. Familiarizing yourself with Form 8853 can streamline your tax filing process and improve your health account management.
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