Carol Wheeler, age 56, is single.Carol earned wages of $48,000 and was enrolled the entire year in a high deductiblehealth plan (HDHP) with self-only coverage.During the year, Carol contributed $3,000 to her Health Savings Account (HSA) and hercousin also contributed $1,000 to Carol’s HSA account.Carol’s Form W-2 shows $600 in Box 12 with code W. She has Form 5498-SA showing$4,600 in Box 2.Carol took a distribution from her HSA to pay her unreimbursed expenses:2 visits to a physical therapist due to a car accident $300unreimbursed doctor bills for $700prescription medicine $400replacement of a crown $1,500over the counter sinus medication $8010 Zumba classes for $125Carol is a U.S. citizen with a valid Social Security number.6. Carol can claim $__________ as her HSA contribution on Form 8889, Part 1.

Form 8889 is used to:Report health savings account (HSA) contributions (including those made on your…

Answered: Carol Wheeler, age 56, is single. Carol…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Carol Wheeler, age 56, is single.
Carol earned wages of $48,000 and was enrolled the entire year in a high deductible
health plan (HDHP) with self-only coverage.
During the year, Carol contributed $3,000 to her Health Savings Account (HSA) and her
cousin also contributed $1,000 to Carol’s HSA account.
Carol’s Form W-2 shows $600 in Box 12 with code W. She has Form 5498-SA showing
$4,600 in Box 2.
Carol took a distribution from her HSA to pay her unreimbursed expenses:
- 2 visits to a physical therapist due to a car accident $300
- unreimbursed doctor bills for $700
- prescription medicine $400
- replacement of a crown $1,500
- over the counter sinus medication $80
- 10 Zumba classes for $125
Carol is a U.S. citizen with a valid Social Security number.