Are you filing your taxes and wondering where to find the information you need for your Health Savings Account (HSA)? Read the post below to learn the purpose of each HSA-related tax form and ensure that you are calculating your HSA contributions and distributions correctly.
First, you will need to log in to your online Consumer Portal. If you do not know how to log in to your account or have never logged in before, click here.
From your portal’s HOME page, go to the STATEMENTS & NOTIFICATIONS tab to see your available HSA ACCOUNT SUMMARIES and HSA TAX STATEMENTS.
There are two different tax forms that you may find in the HSA TAX STATEMENTS section:
- 1099-SA : Distributions from HSAs : The 1099-SA form shows your total HSA distributions for a tax year. If you did not have distribution activity from your HSA(s) this year, then you will not receive a 1099-SA. If you have more than one HSA account, then you will have more than one 1099-SA. In the event of multiple 1099-SAs (multiple HSA accounts), you will add the figures together.
- 5498-SA : Contributions into HSAs : The 5498-SA form from HealthCare Bank shows the total of all HSA contributions that are attributed to a tax year. It will be issued at the same time as the 1099-SA. If you make any additional contributions to a previous tax year before the tax filing deadline, a revised 5498-SA will be issued for you. If needed, this form can also be obtained from the HSA Contributions by Tax Year screen as shown below.
TIP: Box 2 of the 5398-SA contains all contributions made in the calendar year. If you had an HSA in a previous year with us, this box may also contain contributions that were attributed to the previous calendar year but were processed in the current calendar year (Ex. 2016 contributions made after December 31, 2016 but before the tax filing deadline of April 15, 2017). In order to know the dollar amount that counts towards the current tax year you should follow these steps:
- Start with the value in Box 2 of your current 5398-SA.
- If you had contributions that were processed after December 31st for the prior tax year, those will be listed in Box 3 of your current 5398-SA and will need to be added to the result in Box 2.
- If you had this same account with us with the same employer last year, subtract the amount in Box 3 from the previous year’s 5398-SA from the value in step 1. (All your tax forms, including those from previous years, are available online in your Consumer Portal in the Statements & Notifications tab under HSA Tax Statements).
To make certain you’ve done the math correctly, verify the final amount by logging in to your Consumer Portal and checking your HSA Contributions by Tax Year (see below). The number you arrived at after following steps 1-3 should be the same as your total HSA contributions for the tax year, if your account was with us the whole year.
IMPORTANT NOTE: If you have contributed to more than one HSA, your tax situation is more complex, and you may want to consult a tax professional for further assistance.