Archer MSAs and Long-Term Care Insurance Contracts, Form 8853

Archer Medical Savings Accounts (MSAs) are special bank accounts for health expenses, especially if you have a High Deductible Health Plan (HDHP). Form 8853 is a paper that helps you tell the government about the money you put in these accounts and how you used it, including if you got any payments from long-term care insurance.

Instructions on how to enter on MSA and/or payments for long-term care insurance.

Who Needs This Form:

  • If you put money into your Archer MSA in the current year.
  • If you and your spouse share an Archer MSA.
  • If you got an Archer MSA because someone passed away.
  • If you got money from your Archer MSA in the current year.

Understanding the Basics:

  • Archer MSAs are for health expenses, and you can't put money in after a certain date unless some specific things happened.
  • Form 8853 is like a report card for your Archer MSA. It tells the government about your contributions, deductions, and if you took any money out.

Simple Steps on Form 8853:

  • It helps you figure out how much money you can take off your taxes because you put money into your Archer MSA.
  • If your company put money in, you might not get the same tax break.

Overall, Form 8853 helps you, and the government, know what happened with your Archer MSA money and any payments you got from long-term care insurance.