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Taxact 2011 Deluxe Federal Edition Download

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Taxact 2011 Deluxe Federal Edition Download

Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You must be an eligible individual to qualify for an HSA. Taxact 2011 deluxe federal edition download No permission or authorization from the IRS is necessary to establish an HSA. Taxact 2011 deluxe federal edition download You set up an HSA with a trustee. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download The HSA can be established through a trustee that is different from your health plan provider. Taxact 2011 deluxe federal edition download Your employer may already have some information on HSA trustees in your area. Taxact 2011 deluxe federal edition download If you have an Archer MSA, you can generally roll it over into an HSA tax free. Taxact 2011 deluxe federal edition download See Rollovers, later. Taxact 2011 deluxe federal edition download What are the benefits of an HSA?   You may enjoy several benefits from having an HSA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Contributions to your HSA made by your employer (including contributions made through a cafeteria plan) may be excluded from your gross income. Taxact 2011 deluxe federal edition download The contributions remain in your account until you use them. Taxact 2011 deluxe federal edition download The interest or other earnings on the assets in the account are tax free. Taxact 2011 deluxe federal edition download Distributions may be tax free if you pay qualified medical expenses. Taxact 2011 deluxe federal edition download See Qualified medical expenses , later. Taxact 2011 deluxe federal edition download An HSA is “portable. Taxact 2011 deluxe federal edition download ” It stays with you if you change employers or leave the work force. Taxact 2011 deluxe federal edition download Qualifying for an HSA To be an eligible individual and qualify for an HSA, you must meet the following requirements. Taxact 2011 deluxe federal edition download You must be covered under a high deductible health plan (HDHP), described later, on the first day of the month. Taxact 2011 deluxe federal edition download You have no other health coverage except what is permitted under Other health coverage , later. Taxact 2011 deluxe federal edition download You are not enrolled in Medicare. Taxact 2011 deluxe federal edition download You cannot be claimed as a dependent on someone else's 2013 tax return. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download If another taxpayer is entitled to claim an exemption for you, you cannot claim a deduction for an HSA contribution. Taxact 2011 deluxe federal edition download This is true even if the other person does not actually claim your exemption. Taxact 2011 deluxe federal edition download Each spouse who is an eligible individual who wants an HSA must open a separate HSA. Taxact 2011 deluxe federal edition download You cannot have a joint HSA. Taxact 2011 deluxe federal edition download High deductible health plan (HDHP). Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download Out-of-pocket expenses include copayments and other amounts, but do not include premiums. Taxact 2011 deluxe federal edition download   An HDHP may provide preventive care benefits without a deductible or with a deductible less than the minimum annual deductible. Taxact 2011 deluxe federal edition download Preventive care includes, but is not limited to, the following. Taxact 2011 deluxe federal edition download Periodic health evaluations, including tests and diagnostic procedures ordered in connection with routine examinations, such as annual physicals. Taxact 2011 deluxe federal edition download Routine prenatal and well-child care. Taxact 2011 deluxe federal edition download Child and adult immunizations. Taxact 2011 deluxe federal edition download Tobacco cessation programs. Taxact 2011 deluxe federal edition download Obesity weight-loss programs. Taxact 2011 deluxe federal edition download Screening services. Taxact 2011 deluxe federal edition download This includes screening services for the following: Cancer. Taxact 2011 deluxe federal edition download Heart and vascular diseases. Taxact 2011 deluxe federal edition download Infectious diseases. Taxact 2011 deluxe federal edition download Mental health conditions. Taxact 2011 deluxe federal edition download Substance abuse. Taxact 2011 deluxe federal edition download Metabolic, nutritional, and endocrine conditions. Taxact 2011 deluxe federal edition download Musculoskeletal disorders. Taxact 2011 deluxe federal edition download Obstetric and gynecological conditions. Taxact 2011 deluxe federal edition download Pediatric conditions. Taxact 2011 deluxe federal edition download Vision and hearing disorders. Taxact 2011 deluxe federal edition download For more information on screening services, see Notice 2004-23, 2004-15 I. Taxact 2011 deluxe federal edition download R. Taxact 2011 deluxe federal edition download B. Taxact 2011 deluxe federal edition download 725 available at www. Taxact 2011 deluxe federal edition download irs. Taxact 2011 deluxe federal edition download gov/irb/2004-15_IRB/ar10. Taxact 2011 deluxe federal edition download html. Taxact 2011 deluxe federal edition download     The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2013. Taxact 2011 deluxe federal edition download      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. Taxact 2011 deluxe federal edition download Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies. Taxact 2011 deluxe federal edition download    The following table shows the minimum annual deductible and maximum annual deductible and other out-of-pocket expenses for HDHPs for 2014. Taxact 2011 deluxe federal edition download      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. Taxact 2011 deluxe federal edition download Instead, only deductibles and out-of-pocket expenses for services within the network should be used to figure whether the limit applies. Taxact 2011 deluxe federal edition download   Self-only HDHP coverage is an HDHP covering only an eligible individual. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download Example. Taxact 2011 deluxe federal edition download An eligible individual and his dependent child are covered under an “employee plus one” HDHP offered by the individual's employer. Taxact 2011 deluxe federal edition download This is family HDHP coverage. Taxact 2011 deluxe federal edition download Family plans that do not meet the high deductible rules. Taxact 2011 deluxe federal edition download   There are some family plans that have deductibles for both the family as a whole and for individual family members. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Example. Taxact 2011 deluxe federal edition download You have family health insurance coverage in 2013. Taxact 2011 deluxe federal edition download The annual deductible for the family plan is $3,500. Taxact 2011 deluxe federal edition download This plan also has an individual deductible of $1,500 for each family member. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Other health coverage. Taxact 2011 deluxe federal edition download   You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not an HDHP. Taxact 2011 deluxe federal edition download However, you can still be an eligible individual even if your spouse has non-HDHP coverage provided you are not covered by that plan. Taxact 2011 deluxe federal edition download    You can have additional insurance that provides benefits only for the following items. Taxact 2011 deluxe federal edition download Liabilities incurred under workers' compensation laws, tort liabilities, or liabilities related to ownership or use of property. Taxact 2011 deluxe federal edition download A specific disease or illness. Taxact 2011 deluxe federal edition download A fixed amount per day (or other period) of hospitalization. Taxact 2011 deluxe federal edition download   You can also have coverage (whether provided through insurance or otherwise) for the following items. Taxact 2011 deluxe federal edition download Accidents. Taxact 2011 deluxe federal edition download Disability. Taxact 2011 deluxe federal edition download Dental care. Taxact 2011 deluxe federal edition download Vision care. Taxact 2011 deluxe federal edition download Long-term care. Taxact 2011 deluxe federal edition download    Plans in which substantially all of the coverage is through the items listed earlier are not HDHPs. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Prescription drug plans. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download If you can receive benefits before that deductible is met, you are not an eligible individual. Taxact 2011 deluxe federal edition download Other employee health plans. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download Health FSAs and HRAs are discussed later. Taxact 2011 deluxe federal edition download   However, an employee can make contributions to an HSA while covered under an HDHP and one or more of the following arrangements. Taxact 2011 deluxe federal edition download Limited-purpose health FSA or HRA. Taxact 2011 deluxe federal edition download These arrangements can pay or reimburse the items listed earlier under Other health coverage except long-term care. Taxact 2011 deluxe federal edition download Also, these arrangements can pay or reimburse preventive care expenses because they can be paid without having to satisfy the deductible. Taxact 2011 deluxe federal edition download Suspended HRA. Taxact 2011 deluxe federal edition download Before the beginning of an HRA coverage period, you can elect to suspend the HRA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download When the suspension period ends, you are no longer eligible to make contributions to an HSA. Taxact 2011 deluxe federal edition download Post-deductible health FSA or HRA. Taxact 2011 deluxe federal edition download These arrangements do not pay or reimburse any medical expenses incurred before the minimum annual deductible amount is met. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Retirement HRA. Taxact 2011 deluxe federal edition download This arrangement pays or reimburses only those medical expenses incurred after retirement. Taxact 2011 deluxe federal edition download After retirement you are no longer eligible to make contributions to an HSA. Taxact 2011 deluxe federal edition download Health FSA – grace period. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download See Flexible Spending Arrangements (FSAs) , later. Taxact 2011 deluxe federal edition download Contributions to an HSA Any eligible individual can contribute to an HSA. Taxact 2011 deluxe federal edition download For an employee's HSA, the employee, the employee's employer, or both may contribute to the employee's HSA in the same year. Taxact 2011 deluxe federal edition download For an HSA established by a self-employed (or unemployed) individual, the individual can contribute. Taxact 2011 deluxe federal edition download Family members or any other person may also make contributions on behalf of an eligible individual. Taxact 2011 deluxe federal edition download Contributions to an HSA must be made in cash. Taxact 2011 deluxe federal edition download Contributions of stock or property are not allowed. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download For 2013, if you have self-only HDHP coverage, you can contribute up to $3,250. Taxact 2011 deluxe federal edition download If you have family HDHP coverage, you can contribute up to $6,450. Taxact 2011 deluxe federal edition download For 2014, if you have self-only HDHP coverage, you can contribute up to $3,300. Taxact 2011 deluxe federal edition download If you have family HDHP coverage you can contribute up to $6,550. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Last-month rule. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download You are treated as having the same HDHP coverage for the entire year as you had on the first day of the last month. Taxact 2011 deluxe federal edition download Testing period. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download For example, December 1, 2013, through December 31, 2014. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download You include this amount in your income in the year in which you fail to be an eligible individual. Taxact 2011 deluxe federal edition download This amount is also subject to a 10% additional tax. Taxact 2011 deluxe federal edition download The income and additional tax are shown on Form 8889, Part III. Taxact 2011 deluxe federal edition download Example 1. Taxact 2011 deluxe federal edition download Chris, age 53, becomes an eligible individual on December 1, 2013. Taxact 2011 deluxe federal edition download He has family HDHP coverage on that date. Taxact 2011 deluxe federal edition download Under the last-month rule, he contributes $6,450 to his HSA. Taxact 2011 deluxe federal edition download Chris fails to be an eligible individual in June 2014. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Chris uses the worksheet in the Form 8889 instructions to determine this amount. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 00 Total for all months $6,450. Taxact 2011 deluxe federal edition download 00 Limitation. Taxact 2011 deluxe federal edition download Divide the total by 12 $537. Taxact 2011 deluxe federal edition download 50 Chris would include $5,912. Taxact 2011 deluxe federal edition download 50 ($6,450. Taxact 2011 deluxe federal edition download 00 – $537. Taxact 2011 deluxe federal edition download 50) in his gross income on his 2014 tax return. Taxact 2011 deluxe federal edition download Also, a 10% additional tax applies to this amount. Taxact 2011 deluxe federal edition download Example 2. Taxact 2011 deluxe federal edition download Erika, age 39, has self-only HDHP coverage on January 1, 2013. Taxact 2011 deluxe federal edition download Erika changes to family HDHP coverage on November 1, 2013. Taxact 2011 deluxe federal edition download Because Erika has family HDHP coverage on December 1, 2013, she contributes $6,450 for 2013. Taxact 2011 deluxe federal edition download Erika fails to be an eligible individual in March 2014. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Erika uses the worksheet in the Form 8889 instructions to determine this amount. Taxact 2011 deluxe federal edition download January $3,250. Taxact 2011 deluxe federal edition download 00 February $3,250. Taxact 2011 deluxe federal edition download 00 March $3,250. Taxact 2011 deluxe federal edition download 00 April $3,250. Taxact 2011 deluxe federal edition download 00 May $3,250. Taxact 2011 deluxe federal edition download 00 June $3,250. Taxact 2011 deluxe federal edition download 00 July $3,250. Taxact 2011 deluxe federal edition download 00 August $3,250. Taxact 2011 deluxe federal edition download 00 September $3,250. Taxact 2011 deluxe federal edition download 00 October $3,250. Taxact 2011 deluxe federal edition download 00 November $6,450. Taxact 2011 deluxe federal edition download 00 December $6,450. Taxact 2011 deluxe federal edition download 00 Total for all months $45,400. Taxact 2011 deluxe federal edition download 00 Limitation. Taxact 2011 deluxe federal edition download Divide the total by 12 $3,783. Taxact 2011 deluxe federal edition download 34 Erika would include $2,666. Taxact 2011 deluxe federal edition download 67 ($6,450 – $3,783. Taxact 2011 deluxe federal edition download 34) in her gross income on her 2014 tax return. Taxact 2011 deluxe federal edition download Also, a 10% additional tax applies to this amount. Taxact 2011 deluxe federal edition download Additional contribution. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download However, see Enrolled in Medicare , later. Taxact 2011 deluxe federal edition download If you have more than one HSA in 2013, your total contributions to all the HSAs cannot be more than the limits discussed earlier. Taxact 2011 deluxe federal edition download Reduction of contribution limit. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download A special rule applies to married people, discussed next, if each spouse has family coverage under an HDHP. Taxact 2011 deluxe federal edition download Rules for married people. Taxact 2011 deluxe federal edition download   If either spouse has family HDHP coverage, both spouses are treated as having family HDHP coverage. Taxact 2011 deluxe federal edition download If each spouse has family coverage under a separate plan, the contribution limit for 2013 is $6,450. Taxact 2011 deluxe federal edition download You must reduce the limit on contributions, before taking into account any additional contributions, by the amount contributed to both spouses' Archer MSAs. Taxact 2011 deluxe federal edition download After that reduction, the contribution limit is split equally between the spouses unless you agree on a different division. Taxact 2011 deluxe federal edition download The rules for married people apply only if both spouses are eligible individuals. Taxact 2011 deluxe federal edition download If both spouses are 55 or older and not enrolled in Medicare, each spouse's contribution limit is increased by the additional contribution. Taxact 2011 deluxe federal edition download If both spouses meet the age requirement, the total contributions under family coverage cannot be more than $8,450. Taxact 2011 deluxe federal edition download Each spouse must make the additional contribution to his or her own HSA. Taxact 2011 deluxe federal edition download Example. Taxact 2011 deluxe federal edition download For 2013, Mr. Taxact 2011 deluxe federal edition download Auburn and his wife are both eligible individuals. Taxact 2011 deluxe federal edition download They each have family coverage under separate HDHPs. Taxact 2011 deluxe federal edition download Mr. Taxact 2011 deluxe federal edition download Auburn is 58 years old and Mrs. Taxact 2011 deluxe federal edition download Auburn is 53. Taxact 2011 deluxe federal edition download Mr. Taxact 2011 deluxe federal edition download and Mrs. Taxact 2011 deluxe federal edition download Auburn can split the family contribution limit ($6,450) equally or they can agree on a different division. Taxact 2011 deluxe federal edition download If they split it equally, Mr. Taxact 2011 deluxe federal edition download Auburn can contribute $4,225 to an HSA (one-half the maximum contribution for family coverage ($3,225) + $1,000 additional contribution) and Mrs. Taxact 2011 deluxe federal edition download Auburn can contribute $3,225 to an HSA. Taxact 2011 deluxe federal edition download Employer contributions. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download This includes amounts contributed to your account by your employer through a cafeteria plan. Taxact 2011 deluxe federal edition download Enrolled in Medicare. Taxact 2011 deluxe federal edition download   Beginning with the first month you are enrolled in Medicare, your contribution limit is zero. Taxact 2011 deluxe federal edition download Example. Taxact 2011 deluxe federal edition download You turned age 65 in July 2013 and enrolled in Medicare. Taxact 2011 deluxe federal edition download You had an HDHP with self-only coverage and are eligible for an additional contribution of $1,000. Taxact 2011 deluxe federal edition download Your contribution limit is $2,125 ($4,250 × 6 ÷ 12). Taxact 2011 deluxe federal edition download Qualified HSA funding distribution. Taxact 2011 deluxe federal edition download   A qualified HSA funding distribution may be made from your traditional IRA or Roth IRA to your HSA. Taxact 2011 deluxe federal edition download This distribution cannot be made from an ongoing SEP IRA or SIMPLE IRA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download The distribution must be made directly by the trustee of the IRA to the trustee of the HSA. Taxact 2011 deluxe federal edition download The distribution is not included in your income, is not deductible, and reduces the amount that can be contributed to your HSA. Taxact 2011 deluxe federal edition download The qualified HSA funding distribution is shown on Form 8889 for the year in which the distribution is made. Taxact 2011 deluxe federal edition download   You can make only one qualified HSA funding distribution during your lifetime. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Example. Taxact 2011 deluxe federal edition download In 2013, you are an eligible individual, age 57, with self-only HDHP coverage. Taxact 2011 deluxe federal edition download You can make a qualified HSA funding distribution of $4,250 ($3,250 plus $1,000 additional contribution). Taxact 2011 deluxe federal edition download Funding distribution – testing period. Taxact 2011 deluxe federal edition download   You must remain an eligible individual during the testing period. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download You include this amount in income in the year in which you fail to be an eligible individual. Taxact 2011 deluxe federal edition download This amount is also subject to a 10% additional tax. Taxact 2011 deluxe federal edition download The income and the additional tax are shown on Form 8889, Part III. Taxact 2011 deluxe federal edition download   Each qualified HSA funding distribution allowed has its own testing period. Taxact 2011 deluxe federal edition download For example, you are an eligible individual, age 45, with self-only HDHP coverage. Taxact 2011 deluxe federal edition download On June 18, 2013, you make a qualified HSA funding distribution of $3,250. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Your testing period for the first distribution begins in June 2013 and ends on June 30, 2014. Taxact 2011 deluxe federal edition download Your testing period for the second distribution begins in August 2013 and ends on August 31, 2014. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Rollovers A rollover contribution is not included in your income, is not deductible, and does not reduce your contribution limit. Taxact 2011 deluxe federal edition download Archer MSAs and other HSAs. Taxact 2011 deluxe federal edition download   You can roll over amounts from Archer MSAs and other HSAs into an HSA. Taxact 2011 deluxe federal edition download You do not have to be an eligible individual to make a rollover contribution from your existing HSA to a new HSA. Taxact 2011 deluxe federal edition download Rollover contributions do not need to be in cash. Taxact 2011 deluxe federal edition download Rollovers are not subject to the annual contribution limits. Taxact 2011 deluxe federal edition download   You must roll over the amount within 60 days after the date of receipt. Taxact 2011 deluxe federal edition download You can make only one rollover contribution to an HSA during a 1-year period. Taxact 2011 deluxe federal edition download Note. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download There is no limit on the number of these transfers. Taxact 2011 deluxe federal edition download Do not include the amount transferred in income, deduct it as a contribution, or include it as a distribution on Form 8889. Taxact 2011 deluxe federal edition download When To Contribute You can make contributions to your HSA for 2013 until April 15, 2014. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Your employer can make contributions to your HSA between January 1, 2014, and April 15, 2014, that are allocated to 2013. Taxact 2011 deluxe federal edition download Your employer must notify you and the trustee of your HSA that the contribution is for 2013. Taxact 2011 deluxe federal edition download The contribution will be reported on your 2014 Form W-2. Taxact 2011 deluxe federal edition download Reporting Contributions on Your Return Contributions made by your employer are not included in your income. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Contributions by a partnership to a bona fide partner's HSA are not contributions by an employer. Taxact 2011 deluxe federal edition download The contributions are treated as a distribution of money and are not included in the partner's gross income. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download In both situations, the partner can deduct the contribution made to the partner's HSA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download The shareholder-employee can deduct the contribution made to the shareholder-employee's HSA. Taxact 2011 deluxe federal edition download Form 8889. Taxact 2011 deluxe federal edition download   Report all contributions to your HSA on Form 8889 and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download You should include all contributions made for 2013, including those made by April 15, 2014, that are designated for 2013. Taxact 2011 deluxe federal edition download Contributions made by your employer and qualified HSA funding distributions are also shown on the form. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download Your employer's contributions also will be shown in box 12 of Form W-2, Wage and Tax Statement, with code W. Taxact 2011 deluxe federal edition download Follow the instructions for Form 8889. Taxact 2011 deluxe federal edition download Report your HSA deduction on Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download Excess contributions. Taxact 2011 deluxe federal edition download   You will have excess contributions if the contributions to your HSA for the year are greater than the limits discussed earlier. Taxact 2011 deluxe federal edition download Excess contributions are not deductible. Taxact 2011 deluxe federal edition download Excess contributions made by your employer are included in your gross income. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   Generally, you must pay a 6% excise tax on excess contributions. Taxact 2011 deluxe federal edition download See Form 5329, Additional Taxes on Qualified Plans (including IRAs) and Other Tax-Favored Accounts, to figure the excise tax. Taxact 2011 deluxe federal edition download The excise tax applies to each tax year the excess contribution remains in the account. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download You withdraw the excess contributions by the due date, including extensions, of your tax return for the year the contributions were made. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download If you withdraw any of those amounts, the amount is treated the same as any other distribution from an HSA, discussed later. Taxact 2011 deluxe federal edition download Deducting an excess contribution in a later year. Taxact 2011 deluxe federal edition download   You may be able to deduct excess contributions for previous years that are still in your HSA. Taxact 2011 deluxe federal edition download The excess contribution you can deduct for the current year is the lesser of the following two amounts. Taxact 2011 deluxe federal edition download Your maximum HSA contribution limit for the year minus any amounts contributed to your HSA for the year. Taxact 2011 deluxe federal edition download The total excess contributions in your HSA at the beginning of the year. Taxact 2011 deluxe federal edition download   Amounts contributed for the year include contributions by you, your employer, and any other person. Taxact 2011 deluxe federal edition download They also include any qualified HSA funding distribution made to your HSA. Taxact 2011 deluxe federal edition download Any excess contribution remaining at the end of a tax year is subject to the excise tax. Taxact 2011 deluxe federal edition download See Form 5329. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You do not have to make distributions from your HSA each year. Taxact 2011 deluxe federal edition download If you are no longer an eligible individual, you can still receive tax-free distributions to pay or reimburse your qualified medical expenses. Taxact 2011 deluxe federal edition download Generally, a distribution is money you get from your health savings account. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Qualified medical expenses. Taxact 2011 deluxe federal edition download   Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. Taxact 2011 deluxe federal edition download These are explained in Publication 502, Medical and Dental Expenses. Taxact 2011 deluxe federal edition download   Also, non-prescription medicines (other than insulin) are not considered qualified medical expenses for HSA purposes. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   For HSA purposes, expenses incurred before you establish your HSA are not qualified medical expenses. Taxact 2011 deluxe federal edition download State law determines when an HSA is established. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download   Qualified medical expenses are those incurred by the following persons. Taxact 2011 deluxe federal edition download You and your spouse. Taxact 2011 deluxe federal edition download All dependents you claim on your tax return. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download    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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Insurance premiums. Taxact 2011 deluxe federal edition download   You cannot treat insurance premiums as qualified medical expenses unless the premiums are for: Long-term care insurance. Taxact 2011 deluxe federal edition download Health care continuation coverage (such as coverage under COBRA). Taxact 2011 deluxe federal edition download Health care coverage while receiving unemployment compensation under federal or state law. Taxact 2011 deluxe federal edition download Medicare and other health care coverage if you were 65 or older (other than premiums for a Medicare supplemental policy, such as Medigap). Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download See Limit on long-term care premiums you can deduct in the instructions for Schedule A (Form 1040). Taxact 2011 deluxe federal edition download   Items (2) and (3) can be for your spouse or a dependent meeting the requirement for that type of coverage. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Health coverage tax credit. Taxact 2011 deluxe federal edition download   You cannot claim this credit for premiums that you pay with a tax-free distribution from your HSA. Taxact 2011 deluxe federal edition download See Publication 502 for more information on this credit. Taxact 2011 deluxe federal edition download Deemed distributions from HSAs. Taxact 2011 deluxe federal edition download   The following situations result in deemed taxable distributions from your HSA. Taxact 2011 deluxe federal edition download You engaged in any transaction prohibited by section 4975 with respect to any of your HSAs, at any time in 2013. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You used any portion of any of your HSAs as security for a loan at any time in 2013. Taxact 2011 deluxe federal edition download You must include the fair market value of the assets used as security for the loan as income on Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download   Any deemed distribution will not be treated as used to pay qualified medical expenses. Taxact 2011 deluxe federal edition download These distributions are included in your income and are subject to the additional 20% tax, discussed later. Taxact 2011 deluxe federal edition download Recordkeeping. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Do not send these records with your tax return. Taxact 2011 deluxe federal edition download Keep them with your tax records. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Follow the instructions for the form and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download If you do not use a distribution from your HSA for qualified medical expenses, you must pay tax on the distribution. Taxact 2011 deluxe federal edition download Report the amount on Form 8889 and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download You may have to pay an additional 20% tax on your taxable distribution. Taxact 2011 deluxe federal edition download HSA administration and maintenance fees withdrawn by the trustee are not reported as distributions from the HSA. Taxact 2011 deluxe federal edition download Additional tax. Taxact 2011 deluxe federal edition download   There is an additional 20% tax on the part of your distributions not used for qualified medical expenses. Taxact 2011 deluxe federal edition download Figure the tax on Form 8889 and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download Exceptions. Taxact 2011 deluxe federal edition download   There is no additional tax on distributions made after the date you are disabled, reach age 65, or die. Taxact 2011 deluxe federal edition download Balance in an HSA An HSA is generally exempt from tax. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Amounts that remain at the end of the year are generally carried over to the next year (see Excess contributions , earlier). Taxact 2011 deluxe federal edition download Earnings on amounts in an HSA are not included in your income while held in the HSA. Taxact 2011 deluxe federal edition download Death of HSA Holder You should choose a beneficiary when you set up your HSA. Taxact 2011 deluxe federal edition download What happens to that HSA when you die depends on whom you designate as the beneficiary. Taxact 2011 deluxe federal edition download Spouse is the designated beneficiary. Taxact 2011 deluxe federal edition download   If your spouse is the designated beneficiary of your HSA, it will be treated as your spouse's HSA after your death. Taxact 2011 deluxe federal edition download Spouse is not the designated beneficiary. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download If your estate is the beneficiary, the value is included on your final income tax return. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You must file the form even if only your employer or your spouse's employer made contributions to the HSA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Enter “statement” at the top of each Form 8889 and complete the form as instructed. Taxact 2011 deluxe federal edition download Next, complete a controlling Form 8889 combining the amounts shown on each of the statement Forms 8889. Taxact 2011 deluxe federal edition download Attach the statements to your tax return after the controlling Form 8889. Taxact 2011 deluxe federal edition download Employer Participation This section contains the rules that employers must follow if they decide to make HSAs available to their employees. Taxact 2011 deluxe federal edition download Unlike the previous discussions, “you” refers to the employer and not to the employee. Taxact 2011 deluxe federal edition download Health plan. Taxact 2011 deluxe federal edition download   If you want your employees to be able to have an HSA, they must have an HDHP. Taxact 2011 deluxe federal edition download You can provide no additional coverage other than those exceptions listed previously under Other health coverage . Taxact 2011 deluxe federal edition download Contributions. Taxact 2011 deluxe federal edition download   You can make contributions to your employees' HSAs. Taxact 2011 deluxe federal edition download You deduct the contributions on your business income tax return for the year in which you make the contributions. Taxact 2011 deluxe federal edition download If the contribution is allocated to the prior year, you still deduct it in the year in which you made the contribution. Taxact 2011 deluxe federal edition download   For more information on employer contributions, see Notice 2008-59, 2008-29 I. Taxact 2011 deluxe federal edition download R. Taxact 2011 deluxe federal edition download B. Taxact 2011 deluxe federal edition download 123, questions 23 through 27, available at www. Taxact 2011 deluxe federal edition download irs. Taxact 2011 deluxe federal edition download gov/irb/2008-29_IRB/ar11. Taxact 2011 deluxe federal edition download html. Taxact 2011 deluxe federal edition download Comparable contributions. Taxact 2011 deluxe federal edition download   If you decide to make contributions, you must make comparable contributions to all comparable participating employees' HSAs. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download The comparability rules do not apply to contributions made through a cafeteria plan. Taxact 2011 deluxe federal edition download Comparable participating employees. Taxact 2011 deluxe federal edition download   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). Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download   You will meet the notice requirement if by January 15 of the following calendar year you provide a written notice to all such employees. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download For a sample of the notice, see Regulation 54. Taxact 2011 deluxe federal edition download 4980G-4 A-14(c). Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Note. Taxact 2011 deluxe federal edition download For purposes of making contributions to HSAs of non-highly compensated employees, highly compensated employees shall not be treated as comparable participating employees. Taxact 2011 deluxe federal edition download Excise tax. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download Employment taxes. Taxact 2011 deluxe federal edition download   Amounts you contribute to your employees' HSAs are generally not subject to employment taxes. Taxact 2011 deluxe federal edition download You must report the contributions in box 12 of the Form W-2 you file for each employee. Taxact 2011 deluxe federal edition download This includes the amounts the employee elected to contribute through a cafeteria plan. Taxact 2011 deluxe federal edition download Enter code “W” in box 12. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Archer MSAs An Archer MSA is a tax-exempt trust or custodial account that you set up with a U. Taxact 2011 deluxe federal edition download S. Taxact 2011 deluxe federal edition download financial institution (such as a bank or an insurance company) in which you can save money exclusively for future medical expenses. Taxact 2011 deluxe federal edition download What are the benefits of an Archer MSA?   You may enjoy several benefits from having an Archer MSA. Taxact 2011 deluxe federal edition download You can claim a tax deduction for contributions you make even if you do not itemize your deductions on Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download The interest or other earnings on the assets in your Archer MSA are tax free. Taxact 2011 deluxe federal edition download Distributions may be tax free if you pay qualified medical expenses. Taxact 2011 deluxe federal edition download See Qualified medical expenses , later. Taxact 2011 deluxe federal edition download The contributions remain in your Archer MSA from year to year until you use them. Taxact 2011 deluxe federal edition download An Archer MSA is “portable” so it stays with you if you change employers or leave the work force. Taxact 2011 deluxe federal edition download Qualifying for an Archer MSA To qualify for an Archer MSA, you must be either of the following. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download A self-employed person (or the spouse of a self-employed person) who maintains a self-only or family HDHP. Taxact 2011 deluxe federal edition download You can have no other health or Medicare coverage except what is permitted under Other health coverage , later. Taxact 2011 deluxe federal edition download You must be an eligible individual on the first day of a given month to get an Archer MSA deduction for that month. Taxact 2011 deluxe federal edition download If another taxpayer is entitled to claim an exemption for you, you cannot claim a deduction for an Archer MSA contribution. Taxact 2011 deluxe federal edition download This is true even if the other person does not actually claim your exemption. Taxact 2011 deluxe federal edition download Small employer. Taxact 2011 deluxe federal edition download   A small employer is generally an employer who had an average of 50 or fewer employees during either of the last 2 calendar years. Taxact 2011 deluxe federal edition download The definition of small employer is modified for new employers and growing employers. Taxact 2011 deluxe federal edition download Growing employer. Taxact 2011 deluxe federal edition download   A small employer may begin HDHPs and Archer MSAs for his or her employees and then grow beyond 50 employees. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Changing employers. Taxact 2011 deluxe federal edition download   If you change employers, your Archer MSA moves with you. Taxact 2011 deluxe federal edition download However, you may not make additional contributions unless you are otherwise eligible. Taxact 2011 deluxe federal edition download High deductible health plan (HDHP). Taxact 2011 deluxe federal edition download   To be eligible for an Archer MSA, you must be covered under an HDHP. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Limits. Taxact 2011 deluxe federal edition download   The following table shows the limits for annual deductibles and the maximum out-of-pocket expenses for HDHPs for 2013. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download   There are some family plans that have deductibles for both the family as a whole and for individual family members. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Example. Taxact 2011 deluxe federal edition download You have family health insurance coverage in 2013. Taxact 2011 deluxe federal edition download The annual deductible for the family plan is $5,500. Taxact 2011 deluxe federal edition download This plan also has an individual deductible of $2,000 for each family member. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Other health coverage. Taxact 2011 deluxe federal edition download   You (and your spouse, if you have family coverage) generally cannot have any other health coverage that is not an HDHP. Taxact 2011 deluxe federal edition download However, you can still be an eligible individual even if your spouse has non-HDHP coverage provided you are not covered by that plan. Taxact 2011 deluxe federal edition download However, you can have additional insurance that provides benefits only for the following items. Taxact 2011 deluxe federal edition download Liabilities incurred under workers' compensation laws, torts, or ownership or use of property. Taxact 2011 deluxe federal edition download A specific disease or illness. Taxact 2011 deluxe federal edition download A fixed amount per day (or other period) of hospitalization. Taxact 2011 deluxe federal edition download You can also have coverage (whether provided through insurance or otherwise) for the following items. Taxact 2011 deluxe federal edition download Accidents. Taxact 2011 deluxe federal edition download Disability. Taxact 2011 deluxe federal edition download Dental care. Taxact 2011 deluxe federal edition download Vision care. Taxact 2011 deluxe federal edition download Long-term care. Taxact 2011 deluxe federal edition download Contributions to an MSA Contributions to an Archer MSA must be made in cash. Taxact 2011 deluxe federal edition download You cannot contribute stock or other property to an Archer MSA. Taxact 2011 deluxe federal edition download Who can contribute to my Archer MSA?   If you are an employee, your employer may make contributions to your Archer MSA. Taxact 2011 deluxe federal edition download (You do not pay tax on these contributions. Taxact 2011 deluxe federal edition download ) 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. Taxact 2011 deluxe federal edition download Both you and your employer cannot make contributions to your Archer MSA in the same year. Taxact 2011 deluxe federal edition download You do not have to make contributions to your Archer MSA every year. Taxact 2011 deluxe federal edition download    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. Taxact 2011 deluxe federal edition download Limits There are two limits on the amount you or your employer can contribute to your Archer MSA: The annual deductible limit. Taxact 2011 deluxe federal edition download An income limit. Taxact 2011 deluxe federal edition download Annual deductible limit. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download You must have the HDHP all year to contribute the full amount. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Example 1. Taxact 2011 deluxe federal edition download You have an HDHP for your family all year in 2013. Taxact 2011 deluxe federal edition download The annual deductible is $5,000. Taxact 2011 deluxe federal edition download You can contribute up to $3,750 ($5,000 × 75%) to your Archer MSA for the year. Taxact 2011 deluxe federal edition download Example 2. Taxact 2011 deluxe federal edition download You have an HDHP for your family for the entire months of July through December 2013 (6 months). Taxact 2011 deluxe federal edition download The annual deductible is $5,000. Taxact 2011 deluxe federal edition download You can contribute up to $1,875 ($5,000 × 75% ÷ 12 × 6) to your Archer MSA for the year. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download The contribution limit is split equally between you unless you agree on a different division. Taxact 2011 deluxe federal edition download Income limit. Taxact 2011 deluxe federal edition download   You cannot contribute more than you earned for the year from the employer through whom you have your HDHP. Taxact 2011 deluxe federal edition download   If you are self-employed, you cannot contribute more than your net self-employment income. Taxact 2011 deluxe federal edition download This is your income from self-employment minus expenses (including the deductible part of self-employment tax). Taxact 2011 deluxe federal edition download Example 1. Taxact 2011 deluxe federal edition download Noah Paul earned $25,000 from ABC Company in 2013. Taxact 2011 deluxe federal edition download Through ABC, he had an HDHP for his family for the entire year. Taxact 2011 deluxe federal edition download The annual deductible was $5,000. Taxact 2011 deluxe federal edition download He can contribute up to $3,750 to his Archer MSA (75% × $5,000). Taxact 2011 deluxe federal edition download He can contribute the full amount because he earned more than $3,750 at ABC. Taxact 2011 deluxe federal edition download Example 2. Taxact 2011 deluxe federal edition download Westley Lawrence is self-employed. Taxact 2011 deluxe federal edition download He had an HDHP for his family for the entire year in 2013. Taxact 2011 deluxe federal edition download The annual deductible was $5,000. Taxact 2011 deluxe federal edition download Based on the annual deductible, the maximum contribution to his Archer MSA would have been $3,750 (75% × $5,000). Taxact 2011 deluxe federal edition download However, after deducting his business expenses, Joe's net self-employment income is $2,500 for the year. Taxact 2011 deluxe federal edition download Therefore, he is limited to a contribution of $2,500. Taxact 2011 deluxe federal edition download Individuals enrolled in Medicare. Taxact 2011 deluxe federal edition download   Beginning with the first month you are enrolled in Medicare, you cannot contribute to an Archer MSA. Taxact 2011 deluxe federal edition download However, you may be eligible for a Medicare Advantage MSA, discussed later. Taxact 2011 deluxe federal edition download When To Contribute You can make contributions to your Archer MSA for 2013 until April 15, 2014. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You should include all contributions you, or your employer, made for 2013, including those made by April 15, 2014, that are designated for 2013. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Your employer's contributions should be shown in box 12 of Form W-2, Wage and Tax Statement, with code R. Taxact 2011 deluxe federal edition download Follow the instructions for Form 8853 and complete the worksheet in the instructions. Taxact 2011 deluxe federal edition download Report your Archer MSA deduction on Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download Excess contributions. Taxact 2011 deluxe federal edition download   You will have excess contributions if the contributions to your Archer MSA for the year are greater than the limits discussed earlier. Taxact 2011 deluxe federal edition download Excess contributions are not deductible. Taxact 2011 deluxe federal edition download Excess contributions made by your employer are included in your gross income. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   Generally, you must pay a 6% excise tax on excess contributions. Taxact 2011 deluxe federal edition download See Form 5329, Additional Taxes on Qualified Plans (Including IRAs) and Other Tax-Favored Accounts, to figure the excise tax. Taxact 2011 deluxe federal edition download The excise tax applies to each tax year the excess contribution remains in the account. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download You withdraw the excess contributions by the due date, including extensions, of your tax return. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Deducting an excess contribution in a later year. Taxact 2011 deluxe federal edition download   You may be able to deduct excess contributions for previous years that are still in your Archer MSA. Taxact 2011 deluxe federal edition download The excess contribution you can deduct in the current year is the lesser of the following two amounts. Taxact 2011 deluxe federal edition download Your maximum Archer MSA contribution limit for the year minus any amounts contributed to your Archer MSA for the year. Taxact 2011 deluxe federal edition download The total excess contributions in your Archer MSA at the beginning of the year. Taxact 2011 deluxe federal edition download   Any excess contributions remaining at the end of a tax year are subject to the excise tax. Taxact 2011 deluxe federal edition download See Form 5329. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You can receive tax-free distributions from your Archer MSA to pay for qualified medical expenses (discussed later). Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You do not have to make withdrawals from your Archer MSA each year. Taxact 2011 deluxe federal edition download If you no longer qualify to make contributions, you can still receive tax-free distributions to pay or reimburse your qualified medical expenses. Taxact 2011 deluxe federal edition download A distribution is money you get from your Archer MSA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Qualified medical expenses. Taxact 2011 deluxe federal edition download   Qualified medical expenses are those expenses that would generally qualify for the medical and dental expenses deduction. Taxact 2011 deluxe federal edition download These are explained in Publication 502. Taxact 2011 deluxe federal edition download   Also, non-prescription medicines (other than insulin) are not considered qualified medical expenses for MSA purposes. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download   Qualified medical expenses are those incurred by the following persons. Taxact 2011 deluxe federal edition download You and your spouse. Taxact 2011 deluxe federal edition download All dependents you claim on your tax return. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download    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. Taxact 2011 deluxe federal edition download    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. Taxact 2011 deluxe federal edition download Special rules for insurance premiums. Taxact 2011 deluxe federal edition download   Generally, you cannot treat insurance premiums as qualified medical expenses for Archer MSAs. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Health coverage tax credit. Taxact 2011 deluxe federal edition download   You cannot claim this credit for premiums that you pay with a tax-free distribution from your Archer MSA. Taxact 2011 deluxe federal edition download See Publication 502 for information on this credit. Taxact 2011 deluxe federal edition download Deemed distributions from Archer MSAs. Taxact 2011 deluxe federal edition download   The following situations result in deemed taxable distributions from your Archer MSA. Taxact 2011 deluxe federal edition download You engaged in any transaction prohibited by section 4975 with respect to any of your Archer MSAs at any time in 2013. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You used any portion of any of your Archer MSAs as security for a loan at any time in 2013. Taxact 2011 deluxe federal edition download You must include the fair market value of the assets used as security for the loan as income on Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download   Any deemed distribution will not be treated as used to pay qualified medical expenses. Taxact 2011 deluxe federal edition download These distributions are included in your income and are subject to the additional 20% tax, discussed later. Taxact 2011 deluxe federal edition download Recordkeeping. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Do not send these records with your tax return. Taxact 2011 deluxe federal edition download Keep them with your tax records. Taxact 2011 deluxe federal edition download 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). Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Follow the instructions for the form and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download If you do not use a distribution from your Archer MSA for qualified medical expenses, you must pay tax on the distribution. Taxact 2011 deluxe federal edition download Report the amount on Form 8853 and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download You may have to pay an additional 20% tax, discussed later, on your taxable distribution. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Rollovers. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download An Archer MSA and an HSA can only receive one rollover contribution during a 1-year period. Taxact 2011 deluxe federal edition download See the Form 8853 instructions for more information. Taxact 2011 deluxe federal edition download Additional tax. Taxact 2011 deluxe federal edition download   There is a 20% additional tax on the part of your distributions not used for qualified medical expenses. Taxact 2011 deluxe federal edition download Figure the tax on Form 8853 and file it with your Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download Report the additional tax in the total on Form 1040 or Form 1040NR. Taxact 2011 deluxe federal edition download Exceptions. Taxact 2011 deluxe federal edition download   There is no additional tax on distributions made after the date you are disabled, reach age 65, or die. Taxact 2011 deluxe federal edition download Balance in an Archer MSA An Archer MSA is generally exempt from tax. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Amounts that remain at the end of the year are generally carried over to the next year (see Excess contributions , earlier). Taxact 2011 deluxe federal edition download Earnings on amounts in an Archer MSA are not included in your income while held in the Archer MSA. Taxact 2011 deluxe federal edition download Death of the Archer MSA Holder You should choose a beneficiary when you set up your Archer MSA. Taxact 2011 deluxe federal edition download What happens to that Archer MSA when you die depends on whom you designate as the beneficiary. Taxact 2011 deluxe federal edition download Spouse is the designated beneficiary. Taxact 2011 deluxe federal edition download   If your spouse is the designated beneficiary of your Archer MSA, it will be treated as your spouse's Archer MSA after your death. Taxact 2011 deluxe federal edition download Spouse is not the designated beneficiary. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download   If your estate is the beneficiary, the fair market value of the Archer MSA will be included on your final income tax return. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download You must file the form even if only your employer or your spouse's employer made contributions to the Archer MSA. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Enter “statement” at the top of each Form 8853 and complete the form as instructed. Taxact 2011 deluxe federal edition download Next, complete a controlling Form 8853 combining the amounts shown on each of the statement Forms 8853. Taxact 2011 deluxe federal edition download Attach the statements to your tax return after the controlling Form 8853. Taxact 2011 deluxe federal edition download Employer Participation This section contains the rules that employers must follow if they decide to make Archer MSAs available to their employees. Taxact 2011 deluxe federal edition download Unlike the previous discussions, “you” refers to the employer and not to the employee. Taxact 2011 deluxe federal edition download Health plan. Taxact 2011 deluxe federal edition download   If you want your employees to be able to have an Archer MSA, you must make an HDHP available to them. Taxact 2011 deluxe federal edition download You can provide no additional coverage other than those exceptions listed previously under Other health coverage . Taxact 2011 deluxe federal edition download Contributions. Taxact 2011 deluxe federal edition download   You can make contributions to your employees' Archer MSAs. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download If you are filing Form 1040, Schedule C, this is Part II, line 14. Taxact 2011 deluxe federal edition download Comparable contributions. Taxact 2011 deluxe federal edition download   If you decide to make contributions, you must make comparable contributions to all comparable participating employees' Archer MSAs. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download Comparable participating employees. Taxact 2011 deluxe federal edition download   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). Taxact 2011 deluxe federal edition download Excise tax. Taxact 2011 deluxe federal edition download   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. Taxact 2011 deluxe federal edition download Employment taxes. Taxact 2011 deluxe federal edition download   Amounts you contribute to your employees' Archer MSAs are generally not subject to employment taxes. Taxact 2011 deluxe federal edition download You must report the contributions in box 12 of the Form W-2 you file for each employee. Taxact 2011 deluxe federal edition download Enter code “R” in box 12. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download The money in your account is not taxed if it is used for qualified medical expenses, and it may earn interest or dividends. Taxact 2011 deluxe federal edition download An HDHP is a special health insurance policy that has a high deductible. Taxact 2011 deluxe federal edition download You choose the policy you want to use as part of your Medicare Advantage MSA plan. Taxact 2011 deluxe federal edition download However, the policy must be approved by the Medicare program. Taxact 2011 deluxe federal edition download Medicare Advantage MSAs are administered through the federal Medicare program. Taxact 2011 deluxe federal edition download You can get information by calling 1-800-Medicare (1-800-633-4227) or through the Internet at www. Taxact 2011 deluxe federal edition download medicare. Taxact 2011 deluxe federal edition download gov. Taxact 2011 deluxe federal edition download Note. Taxact 2011 deluxe federal edition download You must file Form 8853, Archer MSAs and Long-Term Care Insurance Contracts, with your tax return if you have a Medicare Advantage MSA. Taxact 2011 deluxe federal edition download Flexible Spending Arrangements (FSAs) A health flexible spending arrangement (FSA) allows employees to be reimbursed for medical expenses. Taxact 2011 deluxe federal edition download FSAs are usually funded through voluntary salary reduction agreements with your employer. Taxact 2011 deluxe federal edition download No employment or federal income taxes are deducted from your contribution. Taxact 2011 deluxe federal edition download The employer may also contribute. Taxact 2011 deluxe federal edition download Note. Taxact 2011 deluxe federal edition download 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. Taxact 2011 deluxe federal edition download For information on the interaction between a health FSA and an HSA, see Other employee health plans under Qualifying for an HSA, earlier. Taxact 2011 deluxe federal edition download What are the benefits of an FSA?   You may enjoy several benefits from having an FSA. Taxact 2011 deluxe federal edition download Contributions made by your employer can be excluded from your gross income. Taxact 2011 deluxe federal edition download No employment or federal income taxes are deducted from the contributions. Taxact 2011 deluxe federal edition download Withdrawals may be tax free if you pay qualified medical expenses. Taxact 2011 deluxe federal edition download See Qualified medical expenses , later. Taxact 2011 deluxe federal edition download You can withdraw funds from the account to pay qualified medical expenses even if you have not yet placed the funds in the account. Taxact 2011 deluxe federal edition download Qualifying for an FSA Health FSAs are employer-established benefit plans. Taxact 2011 deluxe federal edition download These may be offered in conjunction with other employer-provided benefits as part of a cafeteria plan. Taxact 2011 deluxe federal edition download Employers have complete flexibility to offer various combinations of benefits in designing their plan. Taxact 2011 deluxe federal edition download You do not have to be covered under any other health care plan to participate. Taxact 2011 deluxe federal edition download Self-employed persons are not eligible for an FSA. Taxact 2011 deluxe federal edition download Certain limitations may apply if you are a highly compensated participant or a key employee. Taxact 2011 deluxe federal edition download Contributions to an FSA You contribute to your FSA by electing an amount to be voluntarily withheld from your pay by your employer. Taxact 2011 deluxe federal edition download This is sometimes called a salary reduction agreement. Taxact 2011 deluxe federal edition download The employer may also contribute to your FSA if specified in the plan. Taxact 2011 deluxe federal edition download You do not pay federal income tax or employment taxes on the salary you contribute or the amounts your employer contributes to the FSA. Taxact 2011 deluxe federal edition download However, contributions made by your employer to provide coverage for long-term care insurance must be included in income. Taxact 2011 deluxe federal edition download When To Contribute At the
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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Office of the Attorney General

Website: Office of the Attorney General

Address: Office of the Attorney General
Consumer Protection Division
Government Center South, 5th Floor
302 W. Washington St.

Indianapolis, IN 46204

Phone Number: 317-232-6330

Toll-free: 1-800-382-5516 (Consumer Hotline)

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Financial Institutions

Website: Department of Financial Institutions

Address: Department of Financial Institutions
30 S. Meridian St., Suite 300
Indianapolis, IN 46204

Phone Number: 317-232-3955

Toll-free: 1-800-382-4880 (IN)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Department of Insurance

Website: Department of Insurance

Address: Department of Insurance
Consumer Services Division
311 W. Washington St., Suite 300
Indianapolis, IN 46204-2787

Phone Number: 317-232-2395

Toll-free: 1-800-622-4461 (IN)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Office of the Secretary of State

Website: Office of the Secretary of State

Address: Office of the Secretary of State
Securities Division
302 W. Washington St., Room E111
Indianapolis, IN 46204

Phone Number: 317-232-6681

Toll-free: 1-800-223-8791 (IN)

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Utility Regulatory Commission

Website: Utility Regulatory Commission

Address: Utility Regulatory Commission
Consumer Assistance Section
101 W. Washington St., Suite 1500E
Indianapolis, IN 46204

Phone Number: 317-232-2712

Toll-free: 1-800-851-4268 (IN)

TTY: 317-232-8556

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The Taxact 2011 Deluxe Federal Edition Download

Taxact 2011 deluxe federal edition download 5. Taxact 2011 deluxe federal edition download   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Taxact 2011 deluxe federal edition download Free help with your tax return. Taxact 2011 deluxe federal edition download   You can get free help preparing your return nationwide from IRS-certified volunteers. Taxact 2011 deluxe federal edition download The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Taxact 2011 deluxe federal edition download The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Taxact 2011 deluxe federal edition download Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Taxact 2011 deluxe federal edition download In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Taxact 2011 deluxe federal edition download To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Taxact 2011 deluxe federal edition download gov, download the IRS2Go app, or call 1-800-906-9887. Taxact 2011 deluxe federal edition download   As part of the TCE program, AARP offers the Tax-Aide counseling program. Taxact 2011 deluxe federal edition download To find the nearest AARP Tax-Aide site, visit AARP's website at www. Taxact 2011 deluxe federal edition download aarp. Taxact 2011 deluxe federal edition download org/money/taxaide or call 1-888-227-7669. Taxact 2011 deluxe federal edition download For more information on these programs, go to IRS. Taxact 2011 deluxe federal edition download gov and enter “VITA” in the search box. Taxact 2011 deluxe federal edition download Internet. Taxact 2011 deluxe federal edition download    IRS. Taxact 2011 deluxe federal edition download gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Taxact 2011 deluxe federal edition download Download the free IRS2Go app from the iTunes app store or from Google Play. Taxact 2011 deluxe federal edition download Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Taxact 2011 deluxe federal edition download Check the status of your 2013 refund with the Where's My Refund? application on IRS. Taxact 2011 deluxe federal edition download gov or download the IRS2Go app and select the Refund Status option. Taxact 2011 deluxe federal edition download The IRS issues more than 9 out of 10 refunds in less than 21 days. Taxact 2011 deluxe federal edition download Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Taxact 2011 deluxe federal edition download You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Taxact 2011 deluxe federal edition download The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Taxact 2011 deluxe federal edition download Use the Interactive Tax Assistant (ITA) to research your tax questions. Taxact 2011 deluxe federal edition download No need to wait on the phone or stand in line. Taxact 2011 deluxe federal edition download The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Taxact 2011 deluxe federal edition download When you reach the response screen, you can print the entire interview and the final response for your records. Taxact 2011 deluxe federal edition download New subject areas are added on a regular basis. Taxact 2011 deluxe federal edition download  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Taxact 2011 deluxe federal edition download gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Taxact 2011 deluxe federal edition download You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Taxact 2011 deluxe federal edition download The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Taxact 2011 deluxe federal edition download When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Taxact 2011 deluxe federal edition download Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Taxact 2011 deluxe federal edition download You can also ask the IRS to mail a return or an account transcript to you. Taxact 2011 deluxe federal edition download Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Taxact 2011 deluxe federal edition download gov or by calling 1-800-908-9946. Taxact 2011 deluxe federal edition download Tax return and tax account transcripts are generally available for the current year and the past three years. Taxact 2011 deluxe federal edition download Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Taxact 2011 deluxe federal edition download Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Taxact 2011 deluxe federal edition download If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Taxact 2011 deluxe federal edition download Check the status of your amended return using Where's My Amended Return? Go to IRS. Taxact 2011 deluxe federal edition download gov and enter Where's My Amended Return? in the search box. Taxact 2011 deluxe federal edition download You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Taxact 2011 deluxe federal edition download It can take up to 3 weeks from the date you mailed it to show up in our system. Taxact 2011 deluxe federal edition download Make a payment using one of several safe and convenient electronic payment options available on IRS. Taxact 2011 deluxe federal edition download gov. Taxact 2011 deluxe federal edition download Select the Payment tab on the front page of IRS. Taxact 2011 deluxe federal edition download gov for more information. 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Taxact 2011 deluxe federal edition download Download forms, instructions and publications, including accessible versions for people with disabilities. Taxact 2011 deluxe federal edition download Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Taxact 2011 deluxe federal edition download gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Taxact 2011 deluxe federal edition download An employee can answer questions about your tax account or help you set up a payment plan. Taxact 2011 deluxe federal edition download Before you visit, check the Office Locator on IRS. Taxact 2011 deluxe federal edition download gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Taxact 2011 deluxe federal edition download If you have a special need, such as a disability, you can request an appointment. Taxact 2011 deluxe federal edition download Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Taxact 2011 deluxe federal edition download Apply for an Employer Identification Number (EIN). Taxact 2011 deluxe federal edition download Go to IRS. Taxact 2011 deluxe federal edition download gov and enter Apply for an EIN in the search box. Taxact 2011 deluxe federal edition download Read the Internal Revenue Code, regulations, or other official guidance. Taxact 2011 deluxe federal edition download Read Internal Revenue Bulletins. Taxact 2011 deluxe federal edition download Sign up to receive local and national tax news and more by email. Taxact 2011 deluxe federal edition download Just click on “subscriptions” above the search box on IRS. Taxact 2011 deluxe federal edition download gov and choose from a variety of options. Taxact 2011 deluxe federal edition download    Phone. Taxact 2011 deluxe federal edition download You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Taxact 2011 deluxe federal edition download Download the free IRS2Go app from the iTunes app store or from Google Play. Taxact 2011 deluxe federal edition download Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Taxact 2011 deluxe federal edition download gov, or download the IRS2Go app. Taxact 2011 deluxe federal edition download Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Taxact 2011 deluxe federal edition download The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Taxact 2011 deluxe federal edition download Most VITA and TCE sites offer free electronic filing. Taxact 2011 deluxe federal edition download Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Taxact 2011 deluxe federal edition download Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Taxact 2011 deluxe federal edition download Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Taxact 2011 deluxe federal edition download If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Taxact 2011 deluxe federal edition download The IRS issues more than 9 out of 10 refunds in less than 21 days. Taxact 2011 deluxe federal edition download Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Taxact 2011 deluxe federal edition download Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Taxact 2011 deluxe federal edition download The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Taxact 2011 deluxe federal edition download Note, the above information is for our automated hotline. Taxact 2011 deluxe federal edition download Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. 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Taxact 2011 deluxe federal edition download If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Taxact 2011 deluxe federal edition download Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Taxact 2011 deluxe federal edition download The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Taxact 2011 deluxe federal edition download These individuals can also contact the IRS through relay services such as the Federal Relay Service. Taxact 2011 deluxe federal edition download    Walk-in. Taxact 2011 deluxe federal edition download You can find a selection of forms, publications and services — in-person. Taxact 2011 deluxe federal edition download Products. Taxact 2011 deluxe federal edition download You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Taxact 2011 deluxe federal edition download Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Taxact 2011 deluxe federal edition download Services. Taxact 2011 deluxe federal edition download You can walk in to your local TAC for face-to-face tax help. Taxact 2011 deluxe federal edition download An employee can answer questions about your tax account or help you set up a payment plan. Taxact 2011 deluxe federal edition download Before visiting, use the Office Locator tool on IRS. Taxact 2011 deluxe federal edition download gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Taxact 2011 deluxe federal edition download    Mail. Taxact 2011 deluxe federal edition download You can send your order for forms, instructions, and publications to the address below. Taxact 2011 deluxe federal edition download You should receive a response within 10 business days after your request is received. Taxact 2011 deluxe federal edition download Internal Revenue Service 1201 N. Taxact 2011 deluxe federal edition download Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Taxact 2011 deluxe federal edition download The Taxpayer Advocate Service (TAS) is your voice at the IRS. Taxact 2011 deluxe federal edition download Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Taxact 2011 deluxe federal edition download   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. 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Taxact 2011 deluxe federal edition download Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Taxact 2011 deluxe federal edition download Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Taxact 2011 deluxe federal edition download Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Taxact 2011 deluxe federal edition download Prev  Up  Next   Home   More Online Publications