Solved: Is the Healthcare Marketplace informed of my Health Savings Account contribution when I complete form 8962 or should I update them when I deposit the money?
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Is the Healthcare Marketplace informed of my Health Savings Account contribution when I complete form 8962 or should I update them when I deposit the money?

I know the Marketplace wants to be updated as soon as changes to income occur, but they don't list this as a deduction on their application so I'm not sure when it should be done.
1 Best answer

Accepted Solutions
Highlighted
Level 9

Is the Healthcare Marketplace informed of my Health Savings Account contribution when I complete form 8962 or should I update them when I deposit the money?

If you already know that you are going to contribute to the Health Savings Account, go ahead and reduce the amount of income that you are reporting to the Healthcare Marketplace (it should also have an option for 'other deduction', which is the ideal place to enter it).

Otherwise, yes, when Form 8962 is completed it reports your actual income, taking into account the contribution to the Health Savings Accounts.

View solution in original post

2 Replies
Highlighted
Level 9

Is the Healthcare Marketplace informed of my Health Savings Account contribution when I complete form 8962 or should I update them when I deposit the money?

If you already know that you are going to contribute to the Health Savings Account, go ahead and reduce the amount of income that you are reporting to the Healthcare Marketplace (it should also have an option for 'other deduction', which is the ideal place to enter it).

Otherwise, yes, when Form 8962 is completed it reports your actual income, taking into account the contribution to the Health Savings Accounts.

View solution in original post

Highlighted
Level 1

Is the Healthcare Marketplace informed of my Health Savings Account contribution when I complete form 8962 or should I update them when I deposit the money?

Thank you very much! I have been researching this for quite awhile and was unable to find the answer anywhere. Much appreciated!
Privacy Settings