Archer MSAs were created to help self-employed individuals and employees of certain small employers meet the medical care costs of the account holder, the account holder's spouse, or dependent(s).
A Medicare+Choice MSA is an Archer MSA designated by Medicare to be used solely to pay the qualified medical expenses of the account holder who is eligible for Medicare.
Taxpayers do not need IRS approval to start an Archer MSA. If the Primary (or spouse if filing jointly) have Archer MSA contributions or distributions, report them on line 33 of your 1040.
Instructions for Direct Input Software:
- From the form list on the left click on 8853 OR
- Use the locate box on the top left and search for 8853
Instructions for Interview Input Software
- Once inside the return, hover your mouse over the Adjustments tab and click on Archer MSAs and LTCs (Form 8853) OR
- Click the Adjustment tab, and find the section under Archer MSAs and Long-Term Care Insurance Contracts - Form 8853 then press Start
Form 8853 will determine if the taxpayer will qualify for the deduction.
For more information on Archer MSAs, check the IRS site http://www.irs.gov.