How to Report Contributions to 2018 HSA - A Comprehensive Guide

Reporting contributions to your Health Savings Account (HSA) is an important step to ensure compliance with IRS regulations. For the tax year 2018, here's a guide to help you navigate through the process:

Step 1: Determine Your Contribution Limits:

• For 2018, the maximum HSA contribution limits were $3,450 for individuals and $6,900 for families.

Step 2: Gather Your Contribution Information:

• Collect all your contribution receipts and records for the tax year 2018.

Step 3: Fill Out Form 8889:

• Use IRS Form 8889 to report your HSA contributions and calculate any deductions.

Step 4: Include HSA Contributions on Your Tax Return:

• Enter the total HSA contributions made during 2018 on your tax return.

By following these steps, you can accurately report your HSA contributions for the tax year 2018.

Reporting contributions to your Health Savings Account (HSA) for the 2018 tax year is crucial for managing your tax benefits effectively. By ensuring you follow IRS regulations, you can maximize your savings.

Step 1: Know Your Contribution Limits:

• The maximum contribution limits for 2018 were set at $3,450 for individuals and $6,900 for families, allowing you to take full advantage of tax-free savings.

Step 2: Collect Your Records:

• Gather all receipts and records that document your HSA contributions throughout 2018 to make reporting easier.

Step 3: Utilize IRS Form 8889:

• This form is essential for reporting your HSA contributions and figuring out deductions, making it easy to stay in compliance.

Step 4: Report on Your Tax Return:

• Don’t forget to include the total amount you contributed to your HSA in your tax return for 2018 to benefit from your contributions.

By following this guide, you can confidently report your HSA contributions and ensure you're making the most of your health savings.