HSA Tax Information

What You Need

There are two different tax forms provided for Health Savings Accounts:

  • 1099-SA Tax Form (Distributions from HSAs):  The 1099-SA form shows your total HSA distributions for a tax year. A distribution is any amount you withdrew from your HSA to pay for expenses during the year. If you did not have any 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 Tax Form (Contributions into HSAs): The 5498-SA form shows the total of all HSA contributions that are attributed to a tax year. A contribution is any amount of money deposited into your HSA during the year. If you make any additional contributions to a previous tax year after the original 5498-SA is generated and before the tax filing deadline, a revised 5498-SA will be issued for you.

TIP: Box 2 of the 5498-SA contains all contributions made in the calendar year. If you had an HSA in a previous year with 24HourFlex, this box may also contain contributions that were attributed to the previous calendar year but were processed in the current calendar year (Ex. 2017 contributions made after December 31, 2017 but before the tax filing deadline of April 17th, 2018). In order to know the dollar amount that counts towards the current tax year, you should follow these steps:

  1. Start with the value in Box 2 of your current 5498-SA.
  2. 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 5498-SA and will need to be added to the result in Box 2.
  3. 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 5498-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).

Timeline

Each of the tax forms are made available at a certain time. In 2018 (for 2017 tax reporting), the 5498-SA forms will be generated a few weeks later than the 1099-SA forms. This allows you to have more time in January to make additional contributions to your HSA for the prior tax year (if desired) and provides more time for these additional contributions to be reflected on the original 5498-SA form generated for you.

Here is the processing schedule for this year’s tax forms so you know exactly when each form will be available:

  • 1099-SA Tax Forms
    • The file will be generated on 1/12/2018. Electronic forms will be available in your Consumer Portal as of this date.
    • Printed forms will be mailed to you no later than 1/31/2018.
    • 1099-SA corrections will begin on 2/2/2018.
  • 5498-SA Tax Forms
    • The file will be generated on 1/29/2018. Electronic forms will be available in your Consumer Portal as of this date.
    • Printed forms will be mailed to you no later than 2/16/2018.
    • 5498-SA corrections will being on 2/16/2018.

Where to Find It

To find both HSA tax forms, you will first need to log in to your online Consumer Portal at participant.24hourflex.com. If you do not know how to log in to your account or have never logged in before, click here.

CaptureFrom your portal’s HOME page, go to the STATEMENTS & NOTIFICATIONS tab.

Capture

From there, you will be able to see your available HSA ACCOUNT SUMMARIES and HSA TAX STATEMENTS, including both your 1099-SA and 5498-SA forms for the tax year. Click on each to view and download the forms.

TAX-STATEMENTS

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.