Instructions for IRS Form 8853 Archer Msas and Long-Term Care Insurance Contracts

This document contains official instructions for IRS Form 8853 , Archer Msas and Long-Term Care Insurance Contracts - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.

FAQ

Q: What is IRS Form 8853 used for?A: IRS Form 8853 is used to report Archer Medical Savings Accounts (MSAs) and Long-Term Care Insurance Contracts.

Q: What are Archer MSAs?A: Archer MSAs are a type of medical savings account that allows individuals covered by a high-deductible health plan to contribute tax-deductible funds into the account.

Q: What are Long-Term Care Insurance Contracts?A: Long-Term Care Insurance Contracts provide insurance coverage for long-term care services, such as nursing home care or home health care.

Q: Who needs to file Form 8853?A: Individuals who have contributed to an Archer MSA or received distributions from an Archer MSA, or who have received payments from a Long-Term Care Insurance Contract, may need to file Form 8853.

Q: What information is required on Form 8853?A: Form 8853 requires information pertaining to contributions to Archer MSAs, distributions from Archer MSAs, and payments received from Long-Term Care Insurance Contracts.

Q: When is the deadline to file Form 8853?A: The deadline to file Form 8853 is typically April 15th of the year following the tax year in question.

Q: Can I e-file Form 8853?A: No, Form 8853 cannot be e-filed and must be filed by mail.

Q: What are the consequences of not filing Form 8853?A: Failure to file Form 8853 or inaccurately reporting information may result in penalties or additional taxes owed.

Q: Do I need to attach any supporting documentation to Form 8853?A: Yes, you may need to attach certain supporting documentation, such as Form 1099-SA or Form 1099-LTC, depending on your situation.