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How Do You File An Amended Federal Tax Return

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How Do You File An Amended Federal Tax Return

How do you file an amended federal tax return Publication 969 - Main Content Table of Contents Health Savings Accounts (HSAs)Qualifying for an HSA Contributions to an HSA Distributions From an HSA Balance in an HSA Death of HSA Holder Filing Form 8889 Employer Participation Medical Savings Accounts (MSAs)Archer MSAs Contributions to an MSA Distributions From an MSA Balance in an Archer MSA Death of the Archer MSA Holder Filing Form 8853 Employer Participation Medicare Advantage MSAs Flexible Spending Arrangements (FSAs)Qualifying for an FSA Contributions to an FSA Distributions From an FSA Balance in an FSA Employer Participation Health Reimbursement Arrangements (HRAs)Qualifying for an HRA Contributions to an HRA Distributions From an HRA Balance in an HRA Employer Participation How To Get Tax HelpLow Income Taxpayer Clinics Health Savings Accounts (HSAs) A health savings account (HSA) is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. How do you file an amended federal tax return You must be an eligible individual to qualify for an HSA. How do you file an amended federal tax return No permission or authorization from the IRS is necessary to establish an HSA. How do you file an amended federal tax return You set up an HSA with a trustee. How do you file an amended federal tax return A qualified HSA trustee can be a bank, an insurance company, or anyone already approved by the IRS to be a trustee of individual retirement arrangements (IRAs) or Archer MSAs. How do you file an amended federal tax return The HSA can be established through a trustee that is different from your health plan provider. How do you file an amended federal tax return Your employer may already have some information on HSA trustees in your area. How do you file an amended federal tax return If you have an Archer MSA, you can generally roll it over into an HSA tax free. How do you file an amended federal tax return See Rollovers, later. How do you file an amended federal tax return What are the benefits of an HSA?   You may enjoy several benefits from having an HSA. How do you file an amended federal tax return You can claim a tax deduction for contributions you, or someone other than your employer, make to your HSA even if you do not itemize your deductions on Form 1040. How do you file an amended federal tax return Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income. How do you file an amended federal tax return The contributions remain in your account until you use them. How do you file an amended federal tax return The interest or other earnings on the assets in the account are tax free. How do you file an amended federal tax return Distributions may be tax free if you pay qualified medical expenses. How do you file an amended federal tax return See Qualified medical expenses , later. How do you file an amended federal tax return An HSA is “portable. How do you file an amended federal tax return ” It stays with you if you change employers or leave the work force. How do you file an amended federal tax return Qualifying for an HSA To be an eligible individual and qualify for an HSA, you must meet the following requirements. How do you file an amended federal tax return You must be covered under a high deductible health plan (HDHP), described later, on the first day of the month. How do you file an amended federal tax return You have no other health coverage except what is permitted under Other health coverage , later. How do you file an amended federal tax return You are not enrolled in Medicare. How do you file an amended federal tax return You cannot be claimed as a dependent on someone else's 2013 tax return. How do you file an amended federal tax return Under the last-month rule, you are considered to be an eligible individual for the entire year if you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers). How do you file an amended federal tax return If you meet these requirements, you are an eligible individual even if your spouse has non-HDHP family coverage, provided your spouse's coverage does not cover you. How do you file an amended federal tax return If another taxpayer is entitled to claim an exemption for you, you cannot claim a deduction for an HSA contribution. How do you file an amended federal tax return This is true even if the other person does not actually claim your exemption. How do you file an amended federal tax return Each spouse who is an eligible individual who wants an HSA must open a separate HSA. How do you file an amended federal tax return You cannot have a joint HSA. How do you file an amended federal tax return High deductible health plan (HDHP). How do you file an amended federal tax return   An HDHP has: A higher annual deductible than typical health plans, and A maximum limit on the sum of the annual deductible and out-of-pocket medical expenses that you must pay for covered expenses. How do you file an amended federal tax return Out-of-pocket expenses include copayments and other amounts, but do not include premiums. How do you file an amended federal tax return   An HDHP may provide preventive care benefits without a deductible or with a deductible less than the minimum annual deductible. How do you file an amended federal tax return Preventive care includes, but is not limited to, the following. How do you file an amended federal tax return Periodic health evaluations, including tests and diagnostic procedures ordered in connection with routine examinations, such as annual physicals. How do you file an amended federal tax return Routine prenatal and well-child care. How do you file an amended federal tax return Child and adult immunizations. How do you file an amended federal tax return Tobacco cessation programs. How do you file an amended federal tax return Obesity weight-loss programs. How do you file an amended federal tax return Screening services. How do you file an amended federal tax return This includes screening services for the following: Cancer. How do you file an amended federal tax return Heart and vascular diseases. How do you file an amended federal tax return Infectious diseases. How do you file an amended federal tax return Mental health conditions. How do you file an amended federal tax return Substance abuse. How do you file an amended federal tax return Metabolic, nutritional, and endocrine conditions. How do you file an amended federal tax return Musculoskeletal disorders. How do you file an amended federal tax return Obstetric and gynecological conditions. How do you file an amended federal tax return Pediatric conditions. How do you file an amended federal tax return Vision and hearing disorders. How do you file an amended federal tax return For more information on screening services, see Notice 2004-23, 2004-15 I. How do you file an amended federal tax return R. How do you file an amended federal tax return B. How do you file an amended federal tax return 725 available at www. How do you file an amended federal tax return irs. How do you file an amended federal tax return gov/irb/2004-15_IRB/ar10. How do you file an amended federal tax return html. How do you file an amended federal tax return     The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2013. How do you file an amended federal tax return      Self-only coverage Family coverage Minimum annual deductible $1,250 $2,500 Maximum annual deductible and other out-of-pocket expenses* $6,250 $12,500 * This limit does not apply to deductibles and expenses for out-of-network services if the plan uses a network of providers. How do you file an amended federal tax return Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies. How do you file an amended federal tax return    The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2014. How do you file an amended federal tax return      Self-only coverage Family coverage Minimum annual deductible $1,250 $2,500 Maximum annual deductible and other out-of-pocket expenses* $6,350 $12,700 * This limit does not apply to deductibles and expenses for out-of-network services if the plan uses a network of providers. How do you file an amended federal tax return Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies. How do you file an amended federal tax return   Self-only HDHP coverage is an HDHP covering only an eligible individual. How do you file an amended federal tax return Family HDHP coverage is an HDHP covering an eligible individual and at least one other individual (whether or not that individual is an eligible individual). How do you file an amended federal tax return Example. How do you file an amended federal tax return An eligible individual and his dependent child are covered under an “employee plus one” HDHP offered by the individual's employer. How do you file an amended federal tax return This is family HDHP coverage. How do you file an amended federal tax return Family plans that do not meet the high deductible rules. How do you file an amended federal tax return   There are some family plans that have deductibles for both the family as a whole and for individual family members. How do you file an amended federal tax return Under these plans, if you meet the individual deductible for one family member, you do not have to meet the higher annual deductible amount for the family. How do you file an amended federal tax return If either the deductible for the family as a whole or the deductible for an individual family member is less than the minimum annual deductible for family coverage, the plan does not qualify as an HDHP. How do you file an amended federal tax return Example. How do you file an amended federal tax return You have family health insurance coverage in 2013. How do you file an amended federal tax return The annual deductible for the family plan is $3,500. How do you file an amended federal tax return This plan also has an individual deductible of $1,500 for each family member. How do you file an amended federal tax return The plan does not qualify as an HDHP because the deductible for an individual family member is less than the minimum annual deductible ($2,500) for family coverage. How do you file an amended federal tax return Other health coverage. How do you file an amended federal tax return   You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not an HDHP. How do you file an amended federal tax return However, you can still be an eligible individual even if your spouse has non-HDHP coverage provided you are not covered by that plan. How do you file an amended federal tax return    You can have additional insurance that provides benefits only for the following items. How do you file an amended federal tax return Liabilities incurred under workers' compensation laws, tort liabilities, or liabilities related to ownership or use of property. How do you file an amended federal tax return A specific disease or illness. How do you file an amended federal tax return A fixed amount per day (or other period) of hospitalization. How do you file an amended federal tax return   You can also have coverage (whether provided through insurance or otherwise) for the following items. How do you file an amended federal tax return Accidents. How do you file an amended federal tax return Disability. How do you file an amended federal tax return Dental care. How do you file an amended federal tax return Vision care. How do you file an amended federal tax return Long-term care. How do you file an amended federal tax return    Plans in which substantially all of the coverage is through the items listed earlier are not HDHPs. How do you file an amended federal tax return For example, if your plan provides coverage substantially all of which is for a specific disease or illness, the plan is not an HDHP for purposes of establishing an HSA. How do you file an amended federal tax return Prescription drug plans. How do you file an amended federal tax return   You can have a prescription drug plan, either as part of your HDHP or a separate plan (or rider), and qualify as an eligible individual if the plan does not provide benefits until the minimum annual deductible of the HDHP has been met. How do you file an amended federal tax return If you can receive benefits before that deductible is met, you are not an eligible individual. How do you file an amended federal tax return Other employee health plans. How do you file an amended federal tax return   An employee covered by an HDHP and a health FSA or an HRA that pays or reimburses qualified medical expenses generally cannot make contributions to an HSA. How do you file an amended federal tax return Health FSAs and HRAs are discussed later. How do you file an amended federal tax return   However, an employee can make contributions to an HSA while covered under an HDHP and one or more of the following arrangements. How do you file an amended federal tax return Limited-purpose health FSA or HRA. How do you file an amended federal tax return These arrangements can pay or reimburse the items listed earlier under Other health coverage except long-term care. How do you file an amended federal tax return Also, these arrangements can pay or reimburse preventive care expenses because they can be paid without having to satisfy the deductible. How do you file an amended federal tax return Suspended HRA. How do you file an amended federal tax return Before the beginning of an HRA coverage period, you can elect to suspend the HRA. How do you file an amended federal tax return The HRA does not pay or reimburse, at any time, the medical expenses incurred during the suspension period except preventive care and items listed under Other health coverage. How do you file an amended federal tax return When the suspension period ends, you are no longer eligible to make contributions to an HSA. How do you file an amended federal tax return Post-deductible health FSA or HRA. How do you file an amended federal tax return These arrangements do not pay or reimburse any medical expenses incurred before the minimum annual deductible amount is met. How do you file an amended federal tax return The deductible for these arrangements does not have to be the same as the deductible for the HDHP, but benefits may not be provided before the minimum annual deductible amount is met. How do you file an amended federal tax return Retirement HRA. How do you file an amended federal tax return This arrangement pays or reimburses only those medical expenses incurred after retirement. How do you file an amended federal tax return After retirement you are no longer eligible to make contributions to an HSA. How do you file an amended federal tax return Health FSA – grace period. How do you file an amended federal tax return   Coverage during a grace period by a general purpose health FSA is allowed if the balance in the health FSA at the end of its prior year plan is zero. How do you file an amended federal tax return See Flexible Spending Arrangements (FSAs) , later. How do you file an amended federal tax return Contributions to an HSA Any eligible individual can contribute to an HSA. How do you file an amended federal tax return For an employee's HSA, the employee, the employee's employer, or both may contribute to the employee's HSA in the same year. How do you file an amended federal tax return For an HSA established by a self-employed (or unemployed) individual, the individual can contribute. How do you file an amended federal tax return Family members or any other person may also make contributions on behalf of an eligible individual. How do you file an amended federal tax return Contributions to an HSA must be made in cash. How do you file an amended federal tax return Contributions of stock or property are not allowed. How do you file an amended federal tax return Limit on Contributions The amount you or any other person can contribute to your HSA depends on the type of HDHP coverage you have, your age, the date you become an eligible individual, and the date you cease to be an eligible individual. How do you file an amended federal tax return For 2013, if you have self-only HDHP coverage, you can contribute up to $3,250. How do you file an amended federal tax return If you have family HDHP coverage, you can contribute up to $6,450. How do you file an amended federal tax return For 2014, if you have self-only HDHP coverage, you can contribute up to $3,300. How do you file an amended federal tax return If you have family HDHP coverage you can contribute up to $6,550. How do you file an amended federal tax return If you were, or were considered (under the last-month rule, discussed later), an eligible individual for the entire year and did not change your type of coverage, you can contribute the full amount based on your type of coverage. How do you file an amended federal tax return However, if you were not an eligible individual for the entire year or changed your coverage during the year, your contribution limit is the greater of: The limitation shown on the Line 3 Limitation Chart and Worksheetin the Instructions for Form 8889, Health Savings Accounts (HSAs), or The maximum annual HSA contribution based on your HDHP coverage (self-only or family) on the first day of the last month of your tax year. How do you file an amended federal tax return If you had family HDHP coverage on the first day of the last month of your tax year, your contribution limit for 2013 is $6,450 even if you changed coverage during the year. How do you file an amended federal tax return Last-month rule. How do you file an amended federal tax return   Under the last-month rule, if you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers), you are considered an eligible individual for the entire year. How do you file an amended federal tax return You are treated as having the same HDHP coverage for the entire year as you had on the first day of the last month. How do you file an amended federal tax return Testing period. How do you file an amended federal tax return   If contributions were made to your HSA based on you being an eligible individual for the entire year under the last-month rule, you must remain an eligible individual during the testing period. How do you file an amended federal tax return For the last-month rule, the testing period begins with the last month of your tax year and ends on the last day of the 12th month following that month. How do you file an amended federal tax return For example, December 1, 2013, through December 31, 2014. How do you file an amended federal tax return   If you fail to remain an eligible individual during the testing period, other than because of death or becoming disabled, you will have to include in income the total contributions made to your HSA that would not have been made except for the last-month rule. How do you file an amended federal tax return You include this amount in your income in the year in which you fail to be an eligible individual. How do you file an amended federal tax return This amount is also subject to a 10% additional tax. How do you file an amended federal tax return The income and additional tax are shown on Form 8889, Part III. How do you file an amended federal tax return Example 1. How do you file an amended federal tax return Chris, age 53, becomes an eligible individual on December 1, 2013. How do you file an amended federal tax return He has family HDHP coverage on that date. How do you file an amended federal tax return Under the last-month rule, he contributes $6,450 to his HSA. How do you file an amended federal tax return Chris fails to be an eligible individual in June 2014. How do you file an amended federal tax return Because Chris did not remain an eligible individual during the testing period (December 1, 2013, through December 31, 2014), he must include in his 2014 income the contributions made in 2013 that would not have been made except for the last-month rule. How do you file an amended federal tax return Chris uses the worksheet in the Form 8889 instructions to determine this amount. How do you file an amended federal tax return January -0- February -0- March -0- April -0- May -0- June -0- July -0- August -0- September -0- October -0- November -0- December $6,450. How do you file an amended federal tax return 00 Total for all months $6,450. How do you file an amended federal tax return 00 Limitation. How do you file an amended federal tax return Divide the total by 12 $537. How do you file an amended federal tax return 50 Chris would include $5,912. How do you file an amended federal tax return 50 ($6,450. How do you file an amended federal tax return 00 – $537. How do you file an amended federal tax return 50) in his gross income on his 2014 tax return. How do you file an amended federal tax return Also, a 10% additional tax applies to this amount. How do you file an amended federal tax return Example 2. How do you file an amended federal tax return Erika, age 39, has self-only HDHP coverage on January 1, 2013. How do you file an amended federal tax return Erika changes to family HDHP coverage on November 1, 2013. How do you file an amended federal tax return Because Erika has family HDHP coverage on December 1, 2013, she contributes $6,450 for 2013. How do you file an amended federal tax return Erika fails to be an eligible individual in March 2014. How do you file an amended federal tax return Because she did not remain an eligible individual during the testing period (December 1, 2013, through December 31, 2014), she must include in income the contribution made that would not have been made except for the last-month rule. How do you file an amended federal tax return Erika uses the worksheet in the Form 8889 instructions to determine this amount. How do you file an amended federal tax return January $3,250. How do you file an amended federal tax return 00 February $3,250. How do you file an amended federal tax return 00 March $3,250. How do you file an amended federal tax return 00 April $3,250. How do you file an amended federal tax return 00 May $3,250. How do you file an amended federal tax return 00 June $3,250. How do you file an amended federal tax return 00 July $3,250. How do you file an amended federal tax return 00 August $3,250. How do you file an amended federal tax return 00 September $3,250. How do you file an amended federal tax return 00 October $3,250. How do you file an amended federal tax return 00 November $6,450. How do you file an amended federal tax return 00 December $6,450. How do you file an amended federal tax return 00 Total for all months $45,400. How do you file an amended federal tax return 00 Limitation. How do you file an amended federal tax return Divide the total by 12 $3,783. How do you file an amended federal tax return 34 Erika would include $2,666. How do you file an amended federal tax return 67 ($6,450 – $3,783. How do you file an amended federal tax return 34) in her gross income on her 2014 tax return. How do you file an amended federal tax return Also, a 10% additional tax applies to this amount. How do you file an amended federal tax return Additional contribution. How do you file an amended federal tax return   If you are an eligible individual who is age 55 or older at the end of your tax year, your contribution limit is increased by $1,000. How do you file an amended federal tax return For example, if you have self-only coverage, you can contribute up to $4,250 (the contribution limit for self-only coverage ($3,250) plus the additional contribution of $1,000). How do you file an amended federal tax return However, see Enrolled in Medicare , later. How do you file an amended federal tax return If you have more than one HSA in 2013, your total contributions to all the HSAs cannot be more than the limits discussed earlier. How do you file an amended federal tax return Reduction of contribution limit. How do you file an amended federal tax return   You must reduce the amount that can be contributed (including any additional contribution) to your HSA by the amount of any contribution made to your Archer MSA (including employer contributions) for the year. How do you file an amended federal tax return A special rule applies to married people, discussed next, if each spouse has family coverage under an HDHP. How do you file an amended federal tax return Rules for married people. How do you file an amended federal tax return   If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. How do you file an amended federal tax return If each spouse has family coverage under a separate plan, the contribution limit for 2013 is $6,450. How do you file an amended federal tax return You must reduce the limit on contributions, before taking into account any additional contributions, by the amount contributed to both spouses' Archer MSAs. How do you file an amended federal tax return After that reduction, the contribution limit is split equally between the spouses unless you agree on a different division. How do you file an amended federal tax return The rules for married people apply only if both spouses are eligible individuals. How do you file an amended federal tax return If both spouses are 55 or older and not enrolled in Medicare, each spouse's contribution limit is increased by the additional contribution. How do you file an amended federal tax return If both spouses meet the age requirement, the total contributions under family coverage cannot be more than $8,450. How do you file an amended federal tax return Each spouse must make the additional contribution to his or her own HSA. How do you file an amended federal tax return Example. How do you file an amended federal tax return For 2013, Mr. How do you file an amended federal tax return Auburn and his wife are both eligible individuals. How do you file an amended federal tax return They each have family coverage under separate HDHPs. How do you file an amended federal tax return Mr. How do you file an amended federal tax return Auburn is 58 years old and Mrs. How do you file an amended federal tax return Auburn is 53. How do you file an amended federal tax return Mr. How do you file an amended federal tax return and Mrs. How do you file an amended federal tax return Auburn can split the family contribution limit ($6,450) equally or they can agree on a different division. How do you file an amended federal tax return If they split it equally, Mr. How do you file an amended federal tax return Auburn can contribute $4,225 to an HSA (one-half the maximum contribution for family coverage ($3,225) + $1,000 additional contribution) and Mrs. How do you file an amended federal tax return Auburn can contribute $3,225 to an HSA. How do you file an amended federal tax return Employer contributions. How do you file an amended federal tax return   You must reduce the amount you, or any other person, can contribute to your HSA by the amount of any contributions made by your employer that are excludable from your income. How do you file an amended federal tax return This includes amounts contributed to your account by your employer through a cafeteria plan. How do you file an amended federal tax return Enrolled in Medicare. How do you file an amended federal tax return   Beginning with the first month you are enrolled in Medicare, your contribution limit is zero. How do you file an amended federal tax return Example. How do you file an amended federal tax return You turned age 65 in July 2013 and enrolled in Medicare. How do you file an amended federal tax return You had an HDHP with self-only coverage and are eligible for an additional contribution of $1,000. How do you file an amended federal tax return Your contribution limit is $2,125 ($4,250 × 6 ÷ 12). How do you file an amended federal tax return Qualified HSA funding distribution. How do you file an amended federal tax return   A qualified HSA funding distribution may be made from your traditional IRA or Roth IRA to your HSA. How do you file an amended federal tax return This distribution cannot be made from an ongoing SEP IRA or SIMPLE IRA. How do you file an amended federal tax return For this purpose, a SEP IRA or SIMPLE IRA is ongoing if an employer contribution is made for the plan year ending with or within your tax year in which the distribution would be made. How do you file an amended federal tax return   The maximum qualified HSA funding distribution depends on the HDHP coverage (self-only or family) you have on the first day of the month in which the contribution is made and your age as of the end of the tax year. How do you file an amended federal tax return The distribution must be made directly by the trustee of the IRA to the trustee of the HSA. How do you file an amended federal tax return The distribution is not included in your income, is not deductible, and reduces the amount that can be contributed to your HSA. How do you file an amended federal tax return The qualified HSA funding distribution is shown on Form 8889 for the year in which the distribution is made. How do you file an amended federal tax return   You can make only one qualified HSA funding distribution during your lifetime. How do you file an amended federal tax return However, if you make a distribution during a month when you have self-only HDHP coverage, you can make another qualified HSA funding distribution in a later month in that tax year if you change to family HDHP coverage. How do you file an amended federal tax return The total qualified HSA funding distribution cannot be more than the contribution limit for family HDHP coverage plus any additional contribution to which you are entitled. How do you file an amended federal tax return Example. How do you file an amended federal tax return In 2013, you are an eligible individual, age 57, with self-only HDHP coverage. How do you file an amended federal tax return You can make a qualified HSA funding distribution of $4,250 ($3,250 plus $1,000 additional contribution). How do you file an amended federal tax return Funding distribution – testing period. How do you file an amended federal tax return   You must remain an eligible individual during the testing period. How do you file an amended federal tax return For a qualified HSA funding distribution, the testing period begins with the month in which the qualified HSA funding distribution is contributed and ends on the last day of the 12th month following that month. How do you file an amended federal tax return For example, if a qualified HSA funding distribution is contributed to your HSA on August 10, 2013, your testing period begins in August 2013, and ends on August 31, 2014. How do you file an amended federal tax return   If you fail to remain an eligible individual during the testing period, other than because of death or becoming disabled, you will have to include in income the qualified HSA funding distribution. How do you file an amended federal tax return You include this amount in income in the year in which you fail to be an eligible individual. How do you file an amended federal tax return This amount is also subject to a 10% additional tax. How do you file an amended federal tax return The income and the additional tax are shown on Form 8889, Part III. How do you file an amended federal tax return   Each qualified HSA funding distribution allowed has its own testing period. How do you file an amended federal tax return For example, you are an eligible individual, age 45, with self-only HDHP coverage. How do you file an amended federal tax return On June 18, 2013, you make a qualified HSA funding distribution of $3,250. How do you file an amended federal tax return On July 27, 2013, you enroll in family HDHP coverage and on August 17, 2013, you make a qualified HSA funding distribution of $3,200. How do you file an amended federal tax return Your testing period for the first distribution begins in June 2013 and ends on June 30, 2014. How do you file an amended federal tax return Your testing period for the second distribution begins in August 2013 and ends on August 31, 2014. How do you file an amended federal tax return   The testing period rule that applies under the last-month rule (discussed earlier) does not apply to amounts contributed to an HSA through a qualified HSA funding distribution. How do you file an amended federal tax return If you remain an eligible individual during the entire funding distribution testing period, then no amount of that distribution is included in income and will not be subject to the additional tax for failing to meet the last-month rule testing period. How do you file an amended federal tax return Rollovers A rollover contribution is not included in your income, is not deductible, and does not reduce your contribution limit. How do you file an amended federal tax return Archer MSAs and other HSAs. How do you file an amended federal tax return   You can roll over amounts from Archer MSAs and other HSAs into an HSA. How do you file an amended federal tax return You do not have to be an eligible individual to make a rollover contribution from your existing HSA to a new HSA. How do you file an amended federal tax return Rollover contributions do not need to be in cash. How do you file an amended federal tax return Rollovers are not subject to the annual contribution limits. How do you file an amended federal tax return   You must roll over the amount within 60 days after the date of receipt. How do you file an amended federal tax return You can make only one rollover contribution to an HSA during a 1-year period. How do you file an amended federal tax return Note. How do you file an amended federal tax return If you instruct the trustee of your HSA to transfer funds directly to the trustee of another of your HSAs, the transfer is not considered a rollover. How do you file an amended federal tax return There is no limit on the number of these transfers. How do you file an amended federal tax return Do not include the amount transferred in income, deduct it as a contribution, or include it as a distribution on Form 8889. How do you file an amended federal tax return When To Contribute You can make contributions to your HSA for 2013 until April 15, 2014. How do you file an amended federal tax return If you fail to be an eligible individual during 2013, you can still make contributions, up until April 15, 2014, for the months you were an eligible individual. How do you file an amended federal tax return Your employer can make contributions to your HSA between January 1, 2014, and April 15, 2014, that are allocated to 2013. How do you file an amended federal tax return Your employer must notify you and the trustee of your HSA that the contribution is for 2013. How do you file an amended federal tax return The contribution will be reported on your 2014 Form W-2. How do you file an amended federal tax return Reporting Contributions on Your Return Contributions made by your employer are not included in your income. How do you file an amended federal tax return Contributions to an employee's account by an employer using the amount of an employee's salary reduction through a cafeteria plan are treated as employer contributions. How do you file an amended federal tax return Generally, you can claim contributions you made and contributions made by any other person, other than your employer, on your behalf, as an adjustment to income. How do you file an amended federal tax return Contributions by a partnership to a bona fide partner's HSA are not contributions by an employer. How do you file an amended federal tax return The contributions are treated as a distribution of money and are not included in the partner's gross income. How do you file an amended federal tax return Contributions by a partnership to a partner's HSA for services rendered are treated as guaranteed payments that are deductible by the partnership and includible in the partner's gross income. How do you file an amended federal tax return In both situations, the partner can deduct the contribution made to the partner's HSA. How do you file an amended federal tax return Contributions by an S corporation to a 2% shareholder-employee's HSA for services rendered are treated as guaranteed payments and are deductible by the S corporation and includible in the shareholder-employee's gross income. How do you file an amended federal tax return The shareholder-employee can deduct the contribution made to the shareholder-employee's HSA. How do you file an amended federal tax return Form 8889. How do you file an amended federal tax return   Report all contributions to your HSA on Form 8889 and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return You should include all contributions made for 2013, including those made by April 15, 2014, that are designated for 2013. How do you file an amended federal tax return Contributions made by your employer and qualified HSA funding distributions are also shown on the form. How do you file an amended federal tax return   You should receive Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, from the trustee showing the amount contributed to your HSA during the year. How do you file an amended federal tax return Your employer's contributions also will be shown in box 12 of Form W-2, Wage and Tax Statement, with code W. How do you file an amended federal tax return Follow the instructions for Form 8889. How do you file an amended federal tax return Report your HSA deduction on Form 1040 or Form 1040NR. How do you file an amended federal tax return Excess contributions. How do you file an amended federal tax return   You will have excess contributions if the contributions to your HSA for the year are greater than the limits discussed earlier. How do you file an amended federal tax return Excess contributions are not deductible. How do you file an amended federal tax return Excess contributions made by your employer are included in your gross income. How do you file an amended federal tax return If the excess contribution is not included in box 1 of Form W-2, you must report the excess as “Other income” on your tax return. How do you file an amended federal tax return   Generally, you must pay a 6% excise tax on excess contributions. How do you file an amended federal tax return See Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts, to figure the excise tax. How do you file an amended federal tax return The excise tax applies to each tax year the excess contribution remains in the account. How do you file an amended federal tax return   You may withdraw some or all of the excess contributions and not pay the excise tax on the amount withdrawn if you meet the following conditions. How do you file an amended federal tax return You withdraw the excess contributions by the due date, including extensions, of your tax return for the year the contributions were made. How do you file an amended federal tax return You withdraw any income earned on the withdrawn contributions and include the earnings in “Other income” on your tax return for the year you withdraw the contributions and earnings. How do you file an amended federal tax return If you fail to remain an eligible individual during any of the testing periods, discussed earlier, the amount you have to include in income is not an excess contribution. How do you file an amended federal tax return If you withdraw any of those amounts, the amount is treated the same as any other distribution from an HSA, discussed later. How do you file an amended federal tax return Deducting an excess contribution in a later year. How do you file an amended federal tax return   You may be able to deduct excess contributions for previous years that are still in your HSA. How do you file an amended federal tax return The excess contribution you can deduct for the current year is the lesser of the following two amounts. How do you file an amended federal tax return Your maximum HSA contribution limit for the year minus any amounts contributed to your HSA for the year. How do you file an amended federal tax return The total excess contributions in your HSA at the beginning of the year. How do you file an amended federal tax return   Amounts contributed for the year include contributions by you, your employer, and any other person. How do you file an amended federal tax return They also include any qualified HSA funding distribution made to your HSA. How do you file an amended federal tax return Any excess contribution remaining at the end of a tax year is subject to the excise tax. How do you file an amended federal tax return See Form 5329. How do you file an amended federal tax return Distributions From an HSA You will generally pay medical expenses during the year without being reimbursed by your HDHP until you reach the annual deductible for the plan. How do you file an amended federal tax return When you pay medical expenses during the year that are not reimbursed by your HDHP, you can ask the trustee of your HSA to send you a distribution from your HSA. How do you file an amended federal tax return You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. How do you file an amended federal tax return If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. How do you file an amended federal tax return You do not have to make distributions from your HSA each year. How do you file an amended federal tax return If you are no longer an eligible individual, you can still receive tax-free distributions to pay or reimburse your qualified medical expenses. How do you file an amended federal tax return Generally, a distribution is money you get from your health savings account. How do you file an amended federal tax return Your total distributions include amounts paid with a debit card that restricts payments to health care and amounts withdrawn from the HSA by other individuals that you have designated. How do you file an amended federal tax return The trustee will report any distribution to you and the IRS on Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA. How do you file an amended federal tax return Qualified medical expenses. How do you file an amended federal tax return   Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. How do you file an amended federal tax return These are explained in Publication 502, Medical and Dental Expenses. How do you file an amended federal tax return   Also, non-prescription medicines (other than insulin) are not considered qualified medical expenses for HSA purposes. How do you file an amended federal tax return A medicine or drug will be a qualified medical expense for HSA purposes only if the medicine or drug: Requires a prescription, Is available without a prescription (an over-the-counter medicine or drug) and you get a prescription for it, or Is insulin. How do you file an amended federal tax return   For HSA purposes, expenses incurred before you establish your HSA are not qualified medical expenses. How do you file an amended federal tax return State law determines when an HSA is established. How do you file an amended federal tax return An HSA that is funded by amounts rolled over from an Archer MSA or another HSA is established on the date the prior account was established. How do you file an amended federal tax return   If, under the last-month rule, you are considered to be an eligible individual for the entire year for determining the contribution amount, only those expenses incurred after you actually establish your HSA are qualified medical expenses. How do you file an amended federal tax return   Qualified medical expenses are those incurred by the following persons. How do you file an amended federal tax return You and your spouse. How do you file an amended federal tax return All dependents you claim on your tax return. How do you file an amended federal tax return Any person you could have claimed as a dependent on your return except that: The person filed a joint return, The person had gross income of $3,900 or more, or You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2013 return. How do you file an amended federal tax return    For this purpose, a child of parents that are divorced, separated, or living apart for the last 6 months of the calendar year is treated as the dependent of both parents whether or not the custodial parent releases the claim to the child's exemption. How do you file an amended federal tax return You cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) that are equal to the tax-free distribution from your HSA. How do you file an amended federal tax return Insurance premiums. How do you file an amended federal tax return   You cannot treat insurance premiums as qualified medical expenses unless the premiums are for: Long-term care insurance. How do you file an amended federal tax return Health care continuation coverage (such as coverage under COBRA). How do you file an amended federal tax return Health care coverage while receiving unemployment compensation under federal or state law. How do you file an amended federal tax return Medicare and other health care coverage if you were 65 or older (other than premiums for a Medicare supplemental policy, such as Medigap). How do you file an amended federal tax return   The premiums for long-term care insurance (item (1)) that you can treat as qualified medical expenses are subject to limits based on age and are adjusted annually. How do you file an amended federal tax return See Limit on long-term care premiums you can deduct in the instructions for Schedule A (Form 1040). How do you file an amended federal tax return   Items (2) and (3) can be for your spouse or a dependent meeting the requirement for that type of coverage. How do you file an amended federal tax return For item (4), if you, the account beneficiary, are not 65 or older, Medicare premiums for coverage of your spouse or a dependent (who is 65 or older) generally are not qualified medical expenses. How do you file an amended federal tax return Health coverage tax credit. How do you file an amended federal tax return   You cannot claim this credit for premiums that you pay with a tax-free distribution from your HSA. How do you file an amended federal tax return See Publication 502 for more information on this credit. How do you file an amended federal tax return Deemed distributions from HSAs. How do you file an amended federal tax return   The following situations result in deemed taxable distributions from your HSA. How do you file an amended federal tax return You engaged in any transaction prohibited by section 4975 with respect to any of your HSAs, at any time in 2013. How do you file an amended federal tax return Your account ceases to be an HSA as of January 1, 2013, and you must include the fair market value of all assets in the account as of January 1, 2013, on Form 8889. How do you file an amended federal tax return You used any portion of any of your HSAs as security for a loan at any time in 2013. How do you file an amended federal tax return You must include the fair market value of the assets used as security for the loan as income on Form 1040 or Form 1040NR. How do you file an amended federal tax return   Examples of prohibited transactions include the direct or indirect: Sale, exchange, or leasing of property between you and the HSA, Lending of money between you and the HSA, Furnishing goods, services, or facilities between you and the HSA, and Transfer to or use by you, or for your benefit, of any assets of the HSA. How do you file an amended federal tax return   Any deemed distribution will not be treated as used to pay qualified medical expenses. How do you file an amended federal tax return These distributions are included in your income and are subject to the additional 20% tax, discussed later. How do you file an amended federal tax return Recordkeeping. How do you file an amended federal tax return You must keep records sufficient to show that: The distributions were exclusively to pay or reimburse qualified medical expenses, The qualified medical expenses had not been previously paid or reimbursed from another source, and The medical expenses had not been taken as an itemized deduction in any year. How do you file an amended federal tax return Do not send these records with your tax return. How do you file an amended federal tax return Keep them with your tax records. How do you file an amended federal tax return Reporting Distributions on Your Return How you report your distributions depends on whether or not you use the distribution for qualified medical expenses (defined earlier). How do you file an amended federal tax return If you use a distribution from your HSA for qualified medical expenses, you do not pay tax on the distribution but you have to report the distribution on Form 8889. How do you file an amended federal tax return However, the distribution of an excess contribution taken out after the due date, including extensions, of your return is subject to tax even if used for qualified medical expenses. How do you file an amended federal tax return Follow the instructions for the form and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return If you do not use a distribution from your HSA for qualified medical expenses, you must pay tax on the distribution. How do you file an amended federal tax return Report the amount on Form 8889 and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return You may have to pay an additional 20% tax on your taxable distribution. How do you file an amended federal tax return HSA administration and maintenance fees withdrawn by the trustee are not reported as distributions from the HSA. How do you file an amended federal tax return Additional tax. How do you file an amended federal tax return   There is an additional 20% tax on the part of your distributions not used for qualified medical expenses. How do you file an amended federal tax return Figure the tax on Form 8889 and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return Exceptions. How do you file an amended federal tax return   There is no additional tax on distributions made after the date you are disabled, reach age 65, or die. How do you file an amended federal tax return Balance in an HSA An HSA is generally exempt from tax. How do you file an amended federal tax return You are permitted to take a distribution from your HSA at any time; however, only those amounts used exclusively to pay for qualified medical expenses are tax free. How do you file an amended federal tax return Amounts that remain at the end of the year are generally carried over to the next year (see Excess contributions , earlier). How do you file an amended federal tax return Earnings on amounts in an HSA are not included in your income while held in the HSA. How do you file an amended federal tax return Death of HSA Holder You should choose a beneficiary when you set up your HSA. How do you file an amended federal tax return What happens to that HSA when you die depends on whom you designate as the beneficiary. How do you file an amended federal tax return Spouse is the designated beneficiary. How do you file an amended federal tax return   If your spouse is the designated beneficiary of your HSA, it will be treated as your spouse's HSA after your death. How do you file an amended federal tax return Spouse is not the designated beneficiary. How do you file an amended federal tax return   If your spouse is not the designated beneficiary of your HSA: The account stops being an HSA, and The fair market value of the HSA becomes taxable to the beneficiary in the year in which you die. How do you file an amended federal tax return If your estate is the beneficiary, the value is included on your final income tax return. How do you file an amended federal tax return The amount taxable to a beneficiary other than the estate is reduced by any qualified medical expenses for the decedent that are paid by the beneficiary within 1 year after the date of death. How do you file an amended federal tax return Filing Form 8889 You must file Form 8889 with your Form 1040 or Form 1040NR if you (or your spouse, if married filing a joint return) had any activity in your HSA during the year. How do you file an amended federal tax return You must file the form even if only your employer or your spouse's employer made contributions to the HSA. How do you file an amended federal tax return If, during the tax year, you are the beneficiary of two or more HSAs or you are a beneficiary of an HSA and you have your own HSA, you must complete a separate Form 8889 for each HSA. How do you file an amended federal tax return Enter “statement” at the top of each Form 8889 and complete the form as instructed. How do you file an amended federal tax return Next, complete a controlling Form 8889 combining the amounts shown on each of the statement Forms 8889. How do you file an amended federal tax return Attach the statements to your tax return after the controlling Form 8889. How do you file an amended federal tax return Employer Participation This section contains the rules that employers must follow if they decide to make HSAs available to their employees. How do you file an amended federal tax return Unlike the previous discussions, “you” refers to the employer and not to the employee. How do you file an amended federal tax return Health plan. How do you file an amended federal tax return   If you want your employees to be able to have an HSA, they must have an HDHP. How do you file an amended federal tax return You can provide no additional coverage other than those exceptions listed previously under Other health coverage . How do you file an amended federal tax return Contributions. How do you file an amended federal tax return   You can make contributions to your employees' HSAs. How do you file an amended federal tax return You deduct the contributions on your business income tax return for the year in which you make the contributions. How do you file an amended federal tax return If the contribution is allocated to the prior year, you still deduct it in the year in which you made the contribution. How do you file an amended federal tax return   For more information on employer contributions, see Notice 2008-59, 2008-29 I. How do you file an amended federal tax return R. How do you file an amended federal tax return B. How do you file an amended federal tax return 123, questions 23 through 27, available at www. How do you file an amended federal tax return irs. How do you file an amended federal tax return gov/irb/2008-29_IRB/ar11. How do you file an amended federal tax return html. How do you file an amended federal tax return Comparable contributions. How do you file an amended federal tax return   If you decide to make contributions, you must make comparable contributions to all comparable participating employees' HSAs. How do you file an amended federal tax return Your contributions are comparable if they are either: The same amount, or The same percentage of the annual deductible limit under the HDHP covering the employees. How do you file an amended federal tax return The comparability rules do not apply to contributions made through a cafeteria plan. How do you file an amended federal tax return Comparable participating employees. How do you file an amended federal tax return   Comparable participating employees: Are covered by your HDHP and are eligible to establish an HSA, Have the same category of coverage (either self-only or family coverage), and Have the same category of employment (part-time, full-time, or former employees). How do you file an amended federal tax return   To meet the comparability requirements for eligible employees who have not established an HSA by December 31 or have not notified you that they have an HSA, you must meet a notice requirement and a contribution requirement. How do you file an amended federal tax return   You will meet the notice requirement if by January 15 of the following calendar year you provide a written notice to all such employees. How do you file an amended federal tax return The notice must state that each eligible employee who, by the last day of February, establishes an HSA and notifies you that they have established an HSA will receive a comparable contribution to the HSA for the prior year. How do you file an amended federal tax return For a sample of the notice, see Regulation 54. How do you file an amended federal tax return 4980G-4 A-14(c). How do you file an amended federal tax return You will meet the contribution requirement for these employees if by April 15, 2014, you contribute comparable amounts plus reasonable interest to the employee's HSA for the prior year. How do you file an amended federal tax return Note. How do you file an amended federal tax return For purposes of making contributions to HSAs of non-highly compensated employees, highly compensated employees shall not be treated as comparable participating employees. How do you file an amended federal tax return Excise tax. How do you file an amended federal tax return   If you made contributions to your employees' HSAs that were not comparable, you must pay an excise tax of 35% of the amount you contributed. How do you file an amended federal tax return Employment taxes. How do you file an amended federal tax return   Amounts you contribute to your employees' HSAs are generally not subject to employment taxes. How do you file an amended federal tax return You must report the contributions in box 12 of the Form W-2 you file for each employee. How do you file an amended federal tax return This includes the amounts the employee elected to contribute through a cafeteria plan. How do you file an amended federal tax return Enter code “W” in box 12. How do you file an amended federal tax return Medical Savings Accounts (MSAs) Archer MSAs were created to help self-employed individuals and employees of certain small employers meet the medical care costs of the account holder, the account holder's spouse, or the account holder's dependent(s). How do you file an amended federal tax return After December 31, 2007, you cannot be treated as an eligible individual for Archer MSA purposes unless: You were an active participant for any tax year ending before January 1, 2008, or You became an active participant for a tax year ending after December 31, 2007, by reason of coverage under a high deductible health plan (HDHP) of an Archer MSA participating employer. How do you file an amended federal tax return A Medicare Advantage MSA is an Archer MSA designated by Medicare to be used solely to pay the qualified medical expenses of the account holder who is eligible for Medicare. How do you file an amended federal tax return Archer MSAs An Archer MSA is a tax-exempt trust or custodial account that you set up with a U. How do you file an amended federal tax return S. How do you file an amended federal tax return financial institution (such as a bank or an insurance company) in which you can save money exclusively for future medical expenses. How do you file an amended federal tax return What are the benefits of an Archer MSA?   You may enjoy several benefits from having an Archer MSA. How do you file an amended federal tax return You can claim a tax deduction for contributions you make even if you do not itemize your deductions on Form 1040 or Form 1040NR. How do you file an amended federal tax return The interest or other earnings on the assets in your Archer MSA are tax free. How do you file an amended federal tax return Distributions may be tax free if you pay qualified medical expenses. How do you file an amended federal tax return See Qualified medical expenses , later. How do you file an amended federal tax return The contributions remain in your Archer MSA from year to year until you use them. How do you file an amended federal tax return An Archer MSA is “portable” so it stays with you if you change employers or leave the work force. How do you file an amended federal tax return Qualifying for an Archer MSA To qualify for an Archer MSA, you must be either of the following. How do you file an amended federal tax return An employee (or the spouse of an employee) of a small employer (defined later) that maintains a self-only or family HDHP for you (or your spouse). How do you file an amended federal tax return A self-employed person (or the spouse of a self-employed person) who maintains a self-only or family HDHP. How do you file an amended federal tax return You can have no other health or Medicare coverage except what is permitted under Other health coverage , later. How do you file an amended federal tax return You must be an eligible individual on the first day of a given month to get an Archer MSA deduction for that month. How do you file an amended federal tax return If another taxpayer is entitled to claim an exemption for you, you cannot claim a deduction for an Archer MSA contribution. How do you file an amended federal tax return This is true even if the other person does not actually claim your exemption. How do you file an amended federal tax return Small employer. How do you file an amended federal tax return   A small employer is generally an employer who had an average of 50 or fewer employees during either of the last 2 calendar years. How do you file an amended federal tax return The definition of small employer is modified for new employers and growing employers. How do you file an amended federal tax return Growing employer. How do you file an amended federal tax return   A small employer may begin HDHPs and Archer MSAs for his or her employees and then grow beyond 50 employees. How do you file an amended federal tax return The employer will continue to meet the requirement for small employers if he or she: Had 50 or fewer employees when the Archer MSAs began, Made a contribution that was excludable or deductible as an Archer MSA for the last year he or she had 50 or fewer employees, and Had an average of 200 or fewer employees each year after 1996. How do you file an amended federal tax return Changing employers. How do you file an amended federal tax return   If you change employers, your Archer MSA moves with you. How do you file an amended federal tax return However, you may not make additional contributions unless you are otherwise eligible. How do you file an amended federal tax return High deductible health plan (HDHP). How do you file an amended federal tax return   To be eligible for an Archer MSA, you must be covered under an HDHP. How do you file an amended federal tax return An HDHP has: A higher annual deductible than typical health plans, and A maximum limit on the annual out-of-pocket medical expenses that you must pay for covered expenses. How do you file an amended federal tax return Limits. How do you file an amended federal tax return   The following table shows the limits for annual deductibles and the maximum out-of-pocket expenses for HDHPs for 2013. How do you file an amended federal tax return   Self-only coverage Family coverage Minimum annual deductible $2,150 $4,300 Maximum annual deductible $3,200 $6,450 Maximum annual out-of-pocket expenses $4,300 $7,850 Family plans that do not meet the high deductible rules. How do you file an amended federal tax return   There are some family plans that have deductibles for both the family as a whole and for individual family members. How do you file an amended federal tax return Under these plans, if you meet the individual deductible for one family member, you do not have to meet the higher annual deductible amount for the family. How do you file an amended federal tax return If either the deductible for the family as a whole or the deductible for an individual family member is less than the minimum annual deductible for family coverage, the plan does not qualify as an HDHP. How do you file an amended federal tax return Example. How do you file an amended federal tax return You have family health insurance coverage in 2013. How do you file an amended federal tax return The annual deductible for the family plan is $5,500. How do you file an amended federal tax return This plan also has an individual deductible of $2,000 for each family member. How do you file an amended federal tax return The plan does not qualify as an HDHP because the deductible for an individual family member is less than the minimum annual deductible ($4,300) for family coverage. How do you file an amended federal tax return Other health coverage. How do you file an amended federal tax return   You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not an HDHP. How do you file an amended federal tax return However, you can still be an eligible individual even if your spouse has non-HDHP coverage provided you are not covered by that plan. How do you file an amended federal tax return However, you can have additional insurance that provides benefits only for the following items. How do you file an amended federal tax return Liabilities incurred under workers' compensation laws, torts, or ownership or use of property. How do you file an amended federal tax return A specific disease or illness. How do you file an amended federal tax return A fixed amount per day (or other period) of hospitalization. How do you file an amended federal tax return You can also have coverage (whether provided through insurance or otherwise) for the following items. How do you file an amended federal tax return Accidents. How do you file an amended federal tax return Disability. How do you file an amended federal tax return Dental care. How do you file an amended federal tax return Vision care. How do you file an amended federal tax return Long-term care. How do you file an amended federal tax return Contributions to an MSA Contributions to an Archer MSA must be made in cash. How do you file an amended federal tax return You cannot contribute stock or other property to an Archer MSA. How do you file an amended federal tax return Who can contribute to my Archer MSA?   If you are an employee, your employer may make contributions to your Archer MSA. How do you file an amended federal tax return (You do not pay tax on these contributions. How do you file an amended federal tax return ) If your employer does not make contributions to your Archer MSA, or you are self-employed, you can make your own contributions to your Archer MSA. How do you file an amended federal tax return Both you and your employer cannot make contributions to your Archer MSA in the same year. How do you file an amended federal tax return You do not have to make contributions to your Archer MSA every year. How do you file an amended federal tax return    If your spouse is covered by your HDHP and an excludable amount is contributed by your spouse's employer to an Archer MSA belonging to your spouse, you cannot make contributions to your own Archer MSA that year. How do you file an amended federal tax return Limits There are two limits on the amount you or your employer can contribute to your Archer MSA: The annual deductible limit. How do you file an amended federal tax return An income limit. How do you file an amended federal tax return Annual deductible limit. How do you file an amended federal tax return   You (or your employer) can contribute up to 75% of the annual deductible of your HDHP (65% if you have a self-only plan) to your Archer MSA. How do you file an amended federal tax return You must have the HDHP all year to contribute the full amount. How do you file an amended federal tax return If you do not qualify to contribute the full amount for the year, determine your annual deductible limit by using the worksheet in the Instructions for Form 8853, Archer MSAs and Long-Term Care Insurance Contracts. How do you file an amended federal tax return Example 1. How do you file an amended federal tax return You have an HDHP for your family all year in 2013. How do you file an amended federal tax return The annual deductible is $5,000. How do you file an amended federal tax return You can contribute up to $3,750 ($5,000 × 75%) to your Archer MSA for the year. How do you file an amended federal tax return Example 2. How do you file an amended federal tax return You have an HDHP for your family for the entire months of July through December 2013 (6 months). How do you file an amended federal tax return The annual deductible is $5,000. How do you file an amended federal tax return You can contribute up to $1,875 ($5,000 × 75% ÷ 12 × 6) to your Archer MSA for the year. How do you file an amended federal tax return If you and your spouse each have a family plan, you are treated as having family coverage with the lower annual deductible of the two health plans. How do you file an amended federal tax return The contribution limit is split equally between you unless you agree on a different division. How do you file an amended federal tax return Income limit. How do you file an amended federal tax return   You cannot contribute more than you earned for the year from the employer through whom you have your HDHP. How do you file an amended federal tax return   If you are self-employed, you cannot contribute more than your net self-employment income. How do you file an amended federal tax return This is your income from self-employment minus expenses (including the deductible part of self-employment tax). How do you file an amended federal tax return Example 1. How do you file an amended federal tax return Noah Paul earned $25,000 from ABC Company in 2013. How do you file an amended federal tax return Through ABC, he had an HDHP for his family for the entire year. How do you file an amended federal tax return The annual deductible was $5,000. How do you file an amended federal tax return He can contribute up to $3,750 to his Archer MSA (75% × $5,000). How do you file an amended federal tax return He can contribute the full amount because he earned more than $3,750 at ABC. How do you file an amended federal tax return Example 2. How do you file an amended federal tax return Westley Lawrence is self-employed. How do you file an amended federal tax return He had an HDHP for his family for the entire year in 2013. How do you file an amended federal tax return The annual deductible was $5,000. How do you file an amended federal tax return Based on the annual deductible, the maximum contribution to his Archer MSA would have been $3,750 (75% × $5,000). How do you file an amended federal tax return However, after deducting his business expenses, Joe's net self-employment income is $2,500 for the year. How do you file an amended federal tax return Therefore, he is limited to a contribution of $2,500. How do you file an amended federal tax return Individuals enrolled in Medicare. How do you file an amended federal tax return   Beginning with the first month you are enrolled in Medicare, you cannot contribute to an Archer MSA. How do you file an amended federal tax return However, you may be eligible for a Medicare Advantage MSA, discussed later. How do you file an amended federal tax return When To Contribute You can make contributions to your Archer MSA for 2013 until April 15, 2014. How do you file an amended federal tax return Reporting Contributions on Your Return Report all contributions to your Archer MSA on Form 8853 and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return You should include all contributions you, or your employer, made for 2013, including those made by April 15, 2014, that are designated for 2013. How do you file an amended federal tax return You should receive Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, from the trustee showing the amount you (or your employer) contributed during the year. How do you file an amended federal tax return Your employer's contributions should be shown in box 12 of Form W-2, Wage and Tax Statement, with code R. How do you file an amended federal tax return Follow the instructions for Form 8853 and complete the worksheet in the instructions. How do you file an amended federal tax return Report your Archer MSA deduction on Form 1040 or Form 1040NR. How do you file an amended federal tax return Excess contributions. How do you file an amended federal tax return   You will have excess contributions if the contributions to your Archer MSA for the year are greater than the limits discussed earlier. How do you file an amended federal tax return Excess contributions are not deductible. How do you file an amended federal tax return Excess contributions made by your employer are included in your gross income. How do you file an amended federal tax return If the excess contribution is not included in box 1 of Form W-2, you must report the excess as “Other income” on your tax return. How do you file an amended federal tax return   Generally, you must pay a 6% excise tax on excess contributions. How do you file an amended federal tax return See Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, to figure the excise tax. How do you file an amended federal tax return The excise tax applies to each tax year the excess contribution remains in the account. How do you file an amended federal tax return   You may withdraw some or all of the excess contributions and not pay the excise tax on the amount withdrawn if you meet the following conditions. How do you file an amended federal tax return You withdraw the excess contributions by the due date, including extensions, of your tax return. How do you file an amended federal tax return You withdraw any income earned on the withdrawn contributions and include the earnings in “Other income” on your tax return for the year you withdraw the contributions and earnings. How do you file an amended federal tax return Deducting an excess contribution in a later year. How do you file an amended federal tax return   You may be able to deduct excess contributions for previous years that are still in your Archer MSA. How do you file an amended federal tax return The excess contribution you can deduct in the current year is the lesser of the following two amounts. How do you file an amended federal tax return Your maximum Archer MSA contribution limit for the year minus any amounts contributed to your Archer MSA for the year. How do you file an amended federal tax return The total excess contributions in your Archer MSA at the beginning of the year. How do you file an amended federal tax return   Any excess contributions remaining at the end of a tax year are subject to the excise tax. How do you file an amended federal tax return See Form 5329. How do you file an amended federal tax return Distributions From an MSA You will generally pay medical expenses during the year without being reimbursed by your HDHP until you reach the annual deductible for the plan. How do you file an amended federal tax return When you pay medical expenses during the year that are not reimbursed by your HDHP, you can ask the trustee of your Archer MSA to send you a distribution from your Archer MSA. How do you file an amended federal tax return You can receive tax-free distributions from your Archer MSA to pay for qualified medical expenses (discussed later). How do you file an amended federal tax return If you receive distributions for other reasons, the amount will be subject to income tax and may be subject to an additional 20% tax as well. How do you file an amended federal tax return You do not have to make withdrawals from your Archer MSA each year. How do you file an amended federal tax return If you no longer qualify to make contributions, you can still receive tax-free distributions to pay or reimburse your qualified medical expenses. How do you file an amended federal tax return A distribution is money you get from your Archer MSA. How do you file an amended federal tax return The trustee will report any distribution to you and the IRS on Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA. How do you file an amended federal tax return Qualified medical expenses. How do you file an amended federal tax return   Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. How do you file an amended federal tax return These are explained in Publication 502. How do you file an amended federal tax return   Also, non-prescription medicines (other than insulin) are not considered qualified medical expenses for MSA purposes. How do you file an amended federal tax return A medicine or drug will be a qualified medical expense for MSA purposes only if the medicine or drug: Requires a prescription, Is available without a prescription (an over-the-counter medicine or drug) and you get a prescription for it, or Is insulin. How do you file an amended federal tax return   Qualified medical expenses are those incurred by the following persons. How do you file an amended federal tax return You and your spouse. How do you file an amended federal tax return All dependents you claim on your tax return. How do you file an amended federal tax return Any person you could have claimed as a dependent on your return except that: The person filed a joint return, The person had gross income of $3,900 or more, or You, or your spouse if filing jointly, could be claimed as a dependent on someone else's 2013 return. How do you file an amended federal tax return    For this purpose, a child of parents that are divorced, separated, or living apart for the last 6 months of the calendar year is treated as the dependent of both parents whether or not the custodial parent releases the claim to the child's exemption. How do you file an amended federal tax return    You cannot deduct qualified medical expenses as an itemized deduction on Schedule A (Form 1040) that are equal to the tax-free distribution from your Archer MSA. How do you file an amended federal tax return Special rules for insurance premiums. How do you file an amended federal tax return   Generally, you cannot treat insurance premiums as qualified medical expenses for Archer MSAs. How do you file an amended federal tax return You can, however, treat premiums for long-term care coverage, health care coverage while you receive unemployment benefits, or health care continuation coverage required under any federal law as qualified medical expenses for Archer MSAs. How do you file an amended federal tax return Health coverage tax credit. How do you file an amended federal tax return   You cannot claim this credit for premiums that you pay with a tax-free distribution from your Archer MSA. How do you file an amended federal tax return See Publication 502 for information on this credit. How do you file an amended federal tax return Deemed distributions from Archer MSAs. How do you file an amended federal tax return   The following situations result in deemed taxable distributions from your Archer MSA. How do you file an amended federal tax return You engaged in any transaction prohibited by section 4975 with respect to any of your Archer MSAs at any time in 2013. How do you file an amended federal tax return Your account ceases to be an Archer MSA as of January 1, 2013, and you must include the fair market value of all assets in the account as of January 1, 2013, on Form 8853. How do you file an amended federal tax return You used any portion of any of your Archer MSAs as security for a loan at any time in 2013. How do you file an amended federal tax return You must include the fair market value of the assets used as security for the loan as income on Form 1040 or Form 1040NR. How do you file an amended federal tax return   Examples of prohibited transactions include the direct or indirect: Sale, exchange, or leasing of property between you and the Archer MSA, Lending of money between you and the Archer MSA, Furnishing goods, services, or facilities between you and the Archer MSA, and Transfer to or use by you, or for your benefit, of any assets of the Archer MSA. How do you file an amended federal tax return   Any deemed distribution will not be treated as used to pay qualified medical expenses. How do you file an amended federal tax return These distributions are included in your income and are subject to the additional 20% tax, discussed later. How do you file an amended federal tax return Recordkeeping. How do you file an amended federal tax return You must keep records sufficient to show that: The distributions were exclusively to pay or reimburse qualified medical expenses, The qualified medical expenses had not been previously paid or reimbursed from another source, and The medical expenses had not been taken as an itemized deduction in any year. How do you file an amended federal tax return Do not send these records with your tax return. How do you file an amended federal tax return Keep them with your tax records. How do you file an amended federal tax return Reporting Distributions on Your Return How you report your distributions depends on whether or not you use the distribution for qualified medical expenses (defined earlier). How do you file an amended federal tax return If you use a distribution from your Archer MSA for qualified medical expenses, you do not pay tax on the distribution but you have to report the distribution on Form 8853. How do you file an amended federal tax return Follow the instructions for the form and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return If you do not use a distribution from your Archer MSA for qualified medical expenses, you must pay tax on the distribution. How do you file an amended federal tax return Report the amount on Form 8853 and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return You may have to pay an additional 20% tax, discussed later, on your taxable distribution. How do you file an amended federal tax return If an amount (other than a rollover) is contributed to your Archer MSA this year (by you or your employer), you also must report and pay tax on a distribution you receive from your Archer MSA this year that is used to pay medical expenses of someone who is not covered by an HDHP, or is also covered by another health plan that is not an HDHP, at the time the expenses are incurred. How do you file an amended federal tax return Rollovers. How do you file an amended federal tax return   Generally, any distribution from an Archer MSA that you roll over into another Archer MSA or an HSA is not taxable if you complete the rollover within 60 days. How do you file an amended federal tax return An Archer MSA and an HSA can only receive one rollover contribution during a 1-year period. How do you file an amended federal tax return See the Form 8853 instructions for more information. How do you file an amended federal tax return Additional tax. How do you file an amended federal tax return   There is a 20% additional tax on the part of your distributions not used for qualified medical expenses. How do you file an amended federal tax return Figure the tax on Form 8853 and file it with your Form 1040 or Form 1040NR. How do you file an amended federal tax return Report the additional tax in the total on Form 1040 or Form 1040NR. How do you file an amended federal tax return Exceptions. How do you file an amended federal tax return   There is no additional tax on distributions made after the date you are disabled, reach age 65, or die. How do you file an amended federal tax return Balance in an Archer MSA An Archer MSA is generally exempt from tax. How do you file an amended federal tax return You are permitted to take a distribution from your Archer MSA at any time; however, only those amounts used exclusively to pay for qualified medical expenses are tax free. How do you file an amended federal tax return Amounts that remain at the end of the year are generally carried over to the next year (see Excess contributions , earlier). How do you file an amended federal tax return Earnings on amounts in an Archer MSA are not included in your income while held in the Archer MSA. How do you file an amended federal tax return Death of the Archer MSA Holder You should choose a beneficiary when you set up your Archer MSA. How do you file an amended federal tax return What happens to that Archer MSA when you die depends on whom you designate as the beneficiary. How do you file an amended federal tax return Spouse is the designated beneficiary. How do you file an amended federal tax return   If your spouse is the designated beneficiary of your Archer MSA, it will be treated as your spouse's Archer MSA after your death. How do you file an amended federal tax return Spouse is not the designated beneficiary. How do you file an amended federal tax return   If your spouse is not the designated beneficiary of your Archer MSA: The account stops being an Archer MSA, and The fair market value of the Archer MSA becomes taxable to the beneficiary in the year in which you die. How do you file an amended federal tax return   If your estate is the beneficiary, the fair market value of the Archer MSA will be included on your final income tax return. How do you file an amended federal tax return The amount taxable to a beneficiary other than the estate is reduced by any qualified medical expenses for the decedent that are paid by the beneficiary within 1 year after the date of death. How do you file an amended federal tax return Filing Form 8853 You must file Form 8853 with your Form 1040 or Form 1040NR if you (or your spouse, if married filing a joint return) had any activity in your Archer MSA during the year. How do you file an amended federal tax return You must file the form even if only your employer or your spouse's employer made contributions to the Archer MSA. How do you file an amended federal tax return If, during the tax year, you are the beneficiary of two or more Archer MSAs or you are a beneficiary of an Archer MSA and you have your own Archer MSA, you must complete a separate Form 8853 for each MSA. How do you file an amended federal tax return Enter “statement” at the top of each Form 8853 and complete the form as instructed. How do you file an amended federal tax return Next, complete a controlling Form 8853 combining the amounts shown on each of the statement Forms 8853. How do you file an amended federal tax return Attach the statements to your tax return after the controlling Form 8853. How do you file an amended federal tax return Employer Participation This section contains the rules that employers must follow if they decide to make Archer MSAs available to their employees. How do you file an amended federal tax return Unlike the previous discussions, “you” refers to the employer and not to the employee. How do you file an amended federal tax return Health plan. How do you file an amended federal tax return   If you want your employees to be able to have an Archer MSA, you must make an HDHP available to them. How do you file an amended federal tax return You can provide no additional coverage other than those exceptions listed previously under Other health coverage . How do you file an amended federal tax return Contributions. How do you file an amended federal tax return   You can make contributions to your employees' Archer MSAs. How do you file an amended federal tax return You deduct the contributions on the “Employee benefit programs” line of your business income tax return for the year in which you make the contributions. How do you file an amended federal tax return If you are filing Form 1040, Schedule C, this is Part II, line 14. How do you file an amended federal tax return Comparable contributions. How do you file an amended federal tax return   If you decide to make contributions, you must make comparable contributions to all comparable participating employees' Archer MSAs. How do you file an amended federal tax return Your contributions are comparable if they are either: The same amount, or The same percentage of the annual deductible limit under the HDHP covering the employees. How do you file an amended federal tax return Comparable participating employees. How do you file an amended federal tax return   Comparable participating employees: Are covered by your HDHP and are eligible to establish an Archer MSA, Have the same category of coverage (either self-only or family coverage), and Have the same category of employment (either part-time or full-time). How do you file an amended federal tax return Excise tax. How do you file an amended federal tax return   If you made contributions to your employees' Archer MSAs that were not comparable, you must pay an excise tax of 35% of the amount you contributed. How do you file an amended federal tax return Employment taxes. How do you file an amended federal tax return   Amounts you contribute to your employees' Archer MSAs are generally not subject to employment taxes. How do you file an amended federal tax return You must report the contributions in box 12 of the Form W-2 you file for each employee. How do you file an amended federal tax return Enter code “R” in box 12. How do you file an amended federal tax return Medicare Advantage MSAs A Medicare Advantage MSA is an Archer MSA designated by Medicare to be used solely to pay the qualified medical expenses of the account holder. How do you file an amended federal tax return To be eligible for a Medicare Advantage MSA, you must be enrolled in Medicare and have a high deductible health plan (HDHP) that meets the Medicare guidelines. How do you file an amended federal tax return A Medicare Advantage MSA is a tax-exempt trust or custodial savings account that you set up with a financial institution (such as a bank or an insurance company) in which the Medicare program can deposit money for qualified medical expenses. How do you file an amended federal tax return The money in your account is not taxed if it is used for qualified medical expenses, and it may earn interest or dividends. How do you file an amended federal tax return An HDHP is a special health insurance policy that has a high deductible. How do you file an amended federal tax return You choose the policy you want to use as part of your Medicare Advantage MSA plan. How do you file an amended federal tax return However, the policy must be approved by the Medicare program. How do you file an amended federal tax return Medicare Advantage MSAs are administered through the federal Medicare program. How do you file an amended federal tax return You can get information by calling 1-800-Medicare (1-800-633-4227) or through the Internet at www. How do you file an amended federal tax return medicare. How do you file an amended federal tax return gov. How do you file an amended federal tax return Note. How do you file an amended federal tax return You must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your tax return if you have a Medicare Advantage MSA. How do you file an amended federal tax return Flexible Spending Arrangements (FSAs) A health flexible spending arrangement (FSA) allows employees to be reimbursed for medical expenses. How do you file an amended federal tax return FSAs are usually funded through voluntary salary reduction agreements with your employer. How do you file an amended federal tax return No employment or federal income taxes are deducted from your contribution. How do you file an amended federal tax return The employer may also contribute. How do you file an amended federal tax return Note. How do you file an amended federal tax return Unlike HSAs or Archer MSAs which must be reported on Form 1040 or Form 1040NR, there are no reporting requirements for FSAs on your income tax return. How do you file an amended federal tax return For information on the interaction between a health FSA and an HSA, see Other employee health plans under Qualifying for an HSA, earlier. How do you file an amended federal tax return What are the benefits of an FSA?   You may enjoy several benefits from having an FSA. How do you file an amended federal tax return Contributions made by your employer can be excluded from your gross income. How do you file an amended federal tax return No employment or federal income taxes are deducted from the contributions. How do you file an amended federal tax return Withdrawals may be tax free if you pay qualified medical expenses. How do you file an amended federal tax return See Qualified medical expenses , later. How do you file an amended federal tax return You can withdraw funds from the account to pay qualified medical expenses even if you have not yet placed the funds in the account. How do you file an amended federal tax return Qualifying for an FSA Health FSAs are employer-established benefit plans. How do you file an amended federal tax return These may be offered in conjunction with other employer-provided benefits as part of a cafeteria plan. How do you file an amended federal tax return Employers have complete flexibility to offer various combinations of benefits in designing their plan. How do you file an amended federal tax return You do not have to be covered under any other health care plan to participate. How do you file an amended federal tax return Self-employed persons are not eligible for an FSA. How do you file an amended federal tax return Certain limitations may apply if you are a highly compensated participant or a key employee. How do you file an amended federal tax return Contributions to an FSA You contribute to your FSA by electing an amount to be voluntarily withheld from your pay by your employer. How do you file an amended federal tax return This is sometimes called a salary reduction agreement. How do you file an amended federal tax return The employer may also contribute to your FSA if specified in the plan. How do you file an amended federal tax return You do not pay federal income tax or employment taxes on the salary you contribute or the amounts your employer contributes to the FSA. How do you file an amended federal tax return However, contributions made by your employer to provide coverage for long-term care insurance must be included in income. How do you file an amended federal tax return When To Contribute At the

The How Do You File An Amended Federal Tax Return

How do you file an amended federal tax return Publication 4681 - Introductory Material Table of Contents Reminder IntroductionOrdering forms and publications. How do you file an amended federal tax return Tax questions. How do you file an amended federal tax return Useful Items - You may want to see: Common Situations Covered In This Publication Reminder Future Developments. How do you file an amended federal tax return  Information about any future developments affecting Publication 4681 (such as legislation enacted after we release it) will be posted at www. How do you file an amended federal tax return irs. How do you file an amended federal tax return gov/pub4681. How do you file an amended federal tax return Photographs of missing children. How do you file an amended federal tax return   The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How do you file an amended federal tax return Photographs of missing children selected by the Center may appear in this publication on pages that otherwise would be blank. How do you file an amended federal tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How do you file an amended federal tax return Introduction This publication explains the federal tax treatment of canceled debts, foreclosures, repossessions, and abandonments. How do you file an amended federal tax return Generally, if you owe a debt to someone else and they cancel or forgive that debt for less than its full amount, you are treated for income tax purposes as having income and may have to pay tax on this income. How do you file an amended federal tax return Note. How do you file an amended federal tax return This publication generally refers to debt that is canceled, forgiven, or discharged for less than the full amount of the debt as “canceled debt. How do you file an amended federal tax return ” Sometimes a debt, or part of a debt, that you do not have to pay is not considered canceled debt. How do you file an amended federal tax return These exceptions are discussed later under Exceptions . How do you file an amended federal tax return Sometimes a canceled debt may be excluded from your income. How do you file an amended federal tax return But if you do exclude canceled debt from income, you may be required to reduce your “tax attributes. How do you file an amended federal tax return ” These exclusions and the reduction of tax attributes associated with them are discussed later under Exclusions . How do you file an amended federal tax return Foreclosure and repossession are remedies that your lender may exercise if you fail to make payments on your loan and you have previously granted that lender a mortgage or other security interest in some of your property. How do you file an amended federal tax return These remedies allow the lender to seize or sell the property securing the loan. How do you file an amended federal tax return When your property is foreclosed upon or repossessed and sold, you are treated as having sold the property and you may recognize taxable gain. How do you file an amended federal tax return Whether you also recognize income from canceled debt depends in part on whether you are personally liable for the debt and in part on whether the outstanding loan balance is more than the fair market value (FMV) of the property. How do you file an amended federal tax return Figuring your gain or loss and income from canceled debt arising from a foreclosure or repossession is discussed later under Foreclosures and Repossessions . How do you file an amended federal tax return Generally, you abandon property when you voluntarily and permanently give up possession and use of property you own with the intention of ending your ownership but without passing it on to anyone else. How do you file an amended federal tax return Figuring your gain or loss and income from canceled debt arising from an abandonment is discussed later under Abandonments . How do you file an amended federal tax return This publication also includes detailed examples with filled-in forms. How do you file an amended federal tax return Comments and suggestions. How do you file an amended federal tax return    We welcome your comments about this publication and your suggestions for future editions. How do you file an amended federal tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How do you file an amended federal tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How do you file an amended federal tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How do you file an amended federal tax return   You can send your comments from www. How do you file an amended federal tax return irs. How do you file an amended federal tax return gov/formspubs. How do you file an amended federal tax return Click on “More Information” and then on “Comment on Tax Forms and Publications”. How do you file an amended federal tax return   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How do you file an amended federal tax return Ordering forms and publications. How do you file an amended federal tax return    Visit www. How do you file an amended federal tax return irs. How do you file an amended federal tax return gov/formspubs to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How do you file an amended federal tax return Internal Revenue Service 1201 N. How do you file an amended federal tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How do you file an amended federal tax return    If you have a tax question, check the information available on IRS. How do you file an amended federal tax return gov or call 1-800-829-1040. How do you file an amended federal tax return We cannot answer tax questions sent to either of the above addresses. How do you file an amended federal tax return Useful Items - You may want to see: Publication 225 Farmer's Tax Guide 334 Tax Guide for Small Business (For Individuals Who Use Schedule C or C-EZ) 523 Selling Your Home 525 Taxable and Nontaxable Income 536 Net Operating Losses (NOLs) for Individuals, Estates, and Trusts 542 Corporations 544 Sales and Other Dispositions of Assets 551 Basis of Assets 908 Bankruptcy Tax Guide Form (and Instructions) 982 Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) 1099-C Cancellation of Debt 1099-DIV Dividends and Distributions 3800 General Business Credit Common Situations Covered In This Publication The sections of this publication that apply to you depend on the type of debt canceled, the tax attributes you have, and whether or not you continue to own the property that was subject to the debt. How do you file an amended federal tax return Some examples of common circumstances are provided in the following paragraphs to help guide you through this publication. How do you file an amended federal tax return These examples do not cover every situation but are intended to provide general guidance for the most common situations. How do you file an amended federal tax return Nonbusiness credit card debt cancellation. How do you file an amended federal tax return    If you had a nonbusiness credit card debt canceled, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. How do you file an amended federal tax return You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. How do you file an amended federal tax return If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. How do you file an amended federal tax return Personal vehicle repossession. How do you file an amended federal tax return    If you had a personal vehicle repossessed and disposed of by the lender during the year, you will need to determine your gain or nondeductible loss on the disposition. How do you file an amended federal tax return This is explained in chapter 2 . How do you file an amended federal tax return If the lender also canceled all or part of the remaining amount of the loan, you may be able to exclude the canceled debt from income if the cancellation occurred in a title 11 bankruptcy case or you were insolvent immediately before the cancellation. How do you file an amended federal tax return You should read Bankruptcy or Insolvency under Exclusions in chapter 1 to see if you can exclude the canceled debt from income under one of those provisions. How do you file an amended federal tax return If you can exclude part or all of the canceled debt from income, you should also read Bankruptcy and Insolvency under Reduction of Tax Attributes in chapter 1. How do you file an amended federal tax return Main home foreclosure or abandonment. How do you file an amended federal tax return    If a lender foreclosed on your main home during the year, you will need to determine your gain or loss on the foreclosure. How do you file an amended federal tax return Foreclosures are explained in chapter 2 and abandonments are explained in chapter 3. How do you file an amended federal tax return If the lender also canceled all or part of the remaining amount on the mortgage loan and you were personally liable for the debt, you should also read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. How do you file an amended federal tax return Detailed Example 2 and Example 3 in chapter 4 use filled-in forms to help explain these provisions. How do you file an amended federal tax return Main home loan modification (workout agreement). How do you file an amended federal tax return    If a lender agrees to a mortgage loan modification (a “workout”) that includes a reduction in the principal balance of the loan, you should read Qualified Principal Residence Indebtedness under Exclusions in chapter 1 to see if you can exclude part or all of the canceled debt from income. How do you file an amended federal tax return If you can exclude part or all of the canceled debt from income, you should also read Qualified Principal Residence Indebtedness under Reduction of Tax Attributes in chapter 1. How do you file an amended federal tax return Detailed Example 1 in chapter 4 uses filled-in forms to help explain the tax implications of a mortgage workout scenario. How do you file an amended federal tax return Prev  Up  Next   Home   More Online Publications