What is IRS Tax Form 8889 and How to File

Paul Bryant14 Sep, 2023Business

If you happen to be the recipient of a health savings account (HSA), it is mandatory, according to the IRS, to complete Form 8889 alongside your tax return before you can claim deductions for your contributions to the HSA. This form serves several key purposes, including documenting your eligible contributions, computing the deduction amount, reporting any withdrawals used for medical expenses, and determining the tax liability for withdrawals used for non-medical purposes. Learn more with this article.