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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?

Forum|Forum|6 years ago
June 1, 2019
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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.

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Best answer by TaxGuyBill

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.

T

TaxGuyBillAnswer

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.