HSA Tax Time 101 is a resource that provides answers to some of the most frequently asked Health Savings Account (HSA) tax questions. We organized the FAQs into three categories: Tax Documents; Contributions and Distributions; and Tax Time Reminders. Please visit irs.gov for additional information and resources, including IRS Publication 969, which explains the tax advantages and requirements of an HSA. Please note: HSA Bank does not provide legal or tax advice. Please contact your tax professional with any tax-related questions.
You have until the tax filing deadline to make a prior-year Health Savings Account (HSA) contribution. And the more money you put into your HSA, the more you’ll reduce your taxable income.
You may get both a 1099-SA and 5498-SA from us. 1099-SA
IMPORTANT: You WON'T receive this form if you DIDN'T withdraw funds from your HSA in the prior year. The 1099-SA is used to report any distribution (withdrawal) of funds from your HSA during the prior year. You must report distributions from your HSA on IRS Form 8889. You will receive a separate 1099-SA for each type of distribution made during the tax year. The five distribution types are 1) normal; 2) excess contribution removal; 3) death; 4) disability; and 5) prohibited transaction. This information is used to complete IRS Form 8889. Find a sample of form 1099-SA from the IRS. The HSA Bank 1099-SA form may look slightly different, but it will contain the same information. 5498-SA
The 5498-SA form reports all contributions to your HSA for the prior year, including those contributed between Jan. 1 and the tax filing deadline of the current year. It also reports your HSA balance as of Dec. 31 of the prior year. You’ll get an email once this form is available. If you chose to get paper documents, you’ll get this form in the mail. You won’t get a 5498-SA form if you didn’t have contributions and your balance was zero dollars at the end of the year. You must report contributions from your HSA on IRS Form 8889. Get 5498-SA information in the "If I don’t have a 5498-SA, how can I get my contributions by tax year?" question below. Find a sample of form 5498-SA from the IRS. The HSA Bank 5498-SA form may look slightly different, but it will contain the same information. This form is informational only and doesn’t need to be filed with your income tax return. Please talk to a tax advisor if you need help.
The 1099-SA form will be available mid-to-late January on the Member Website if you had distributions in the prior year. If you chose to get paper documents, you’ll get your 1099-SA in the mail in late January/early February. IMPORTANT: You WON'T get the 1099-SA form if you DIDN'T withdraw funds from your HSA in the previous year. The 5498-SA form is typically delivered the month after the tax filing deadline, allowing any contributions made in the current year for the prior year to be included. (If you make additional HSA contributions for the prior year after the 5498-SA is issued, you’ll get an updated 5498-SA.) You won’t get a 5498-SA form if you didn’t have contributions and your balance was zero dollars at the end of the year. Please note this form is informational only and doesn’t need to be filed with your income tax return.
If I don’t have a 5498-SA, how can I get my contributions by tax year?Log in to the Member Website. Click Transaction Activity on the left menu. Then click View All. Go to the bottom of the page, and then click HSA Contributions By Tax Year. Note: You're responsible for verifying the accuracy of the applicable IRS maximum each year based upon your situation.
How are my tax documents delivered?If you’re an online banking user, your tax documents will be available to you on the Member Website. If you chose to get paper tax documents, you’ll get a copy in the mail.
Where can I find my tax documents on the Member Website?