What is My HSA Deduction for 2017?

If you are wondering what your HSA deduction for 2017 is, you can find this information on your tax forms. You will need to look at your Form 8889, also known as the Health Savings Accounts (HSAs) form. This form is used to report HSA contributions, distributions, and calculate your deduction.

Your HSA deduction for 2017 is the amount that you contributed to your HSA account during that tax year. This deduction can help lower your taxable income, resulting in potential tax savings. However, to be eligible to deduct your HSA contributions, you must meet certain IRS requirements:

• You must be covered by a High Deductible Health Plan (HDHP)
• You cannot be claimed as a dependent on someone else's tax return
• You cannot have other disqualifying health coverage

Once you have determined your total HSA contribution amount for 2017, you can use this to calculate your deduction on Form 8889. Make sure to follow the instructions carefully to ensure you are claiming the correct deduction amount.

If you're trying to determine your HSA deduction for 2017, start by reviewing your tax documents, especially Form 8889, which is tailored specifically for Health Savings Accounts.