HSA account holders must report all contributions and distributions associated with an HSA when filing taxes.
There are two tax forms provided for Health Savings Account holders:
- 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. 2018 contributions made after December 31, 2018 but before the tax filing deadline of April 15th, 2019). 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 5498-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 5498-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 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).