Do I get tax benefits for my Health Savings Account for 2008?
J B asked:
The company I retired from announced a change in health insurance benefits for 2008 to a HSA (Health Savings Account). I opened the HSA in December 2007 for the insurance plan that would begin January 2008 and transferred money from an IRA to the HSA. I’m being taxed for the money I transferred from the IRA. Can I claim anything for the HSA this year or do I wait until 2008? Amount was deposited in December 2007 so not sure if I can deduct next year since it is not 2008 that I made the deposit.
I transferred $3100 from IRA to HSA on 12/11/2007. Form 1099-R from Fidelity shows Taxable amount $3100.00 but Distribution Code is 7.
No form 88889.
Brad
The company I retired from announced a change in health insurance benefits for 2008 to a HSA (Health Savings Account). I opened the HSA in December 2007 for the insurance plan that would begin January 2008 and transferred money from an IRA to the HSA. I’m being taxed for the money I transferred from the IRA. Can I claim anything for the HSA this year or do I wait until 2008? Amount was deposited in December 2007 so not sure if I can deduct next year since it is not 2008 that I made the deposit.
I transferred $3100 from IRA to HSA on 12/11/2007. Form 1099-R from Fidelity shows Taxable amount $3100.00 but Distribution Code is 7.
No form 88889.
Brad
Did you open the HSA 12/1/2007 or after 12/1/2007?
How much money did you transfer from the IRA?
Why do you think you are being taxed?
What lines of the 88889 did you put anything on?