What to Expect: HSA & Taxes
In anticipation of the upcoming tax season, and to ensure you have all of the required HSA tax forms, we wanted to let you know the details and next steps by outlining your HSA tax form obligations for 2017.
Should You Expect an HSA Tax Form?
If you opened an HSA and took distributions (including rollover distributions) or had a taxable event in 2017, you will receive an IRS Form 1099-SA you made any contributions (including rollover contributions) into your HSA for the 2017 tax year, you will receive an IRS Form 5498-SA.
Questions? You may need a 1099-SA and 5498-SA IRS form. Contact your HSA provider if you have any questions, they can help.
Don’t get caught behind the 8-ball, get the HSA Tax Form Checklist and get organized to make your tax preparation easy.
HSA Tax Forms Overview
The following tax forms will be sent by your HSA provider (or Financial Partner):
1099-SA (usually sent out by January 31st)
5498-SA (usually sent out by May 31st)
Wait, I don’t get my 5498-SA until May. What can I do?
You might be wondering how you file your taxes if you don’t get your 5498-SA until the end of May? Here are your options:
Log into your HSA account and look at your 2017 actual contributions and use that figure on your tax filing.
If you think you will be making any extra contributions and applying it towards the 2017 tax year, you can file for a tax extension and wait until your 5498-SA arrives.
If you are an employee (receiving contributions through payroll), you can look at your W2 for this information (check with your employer for any questions related to W2s).
As always, if you have any HSA tax questions, please contact a legal or tax professional for personal advice on eligibility, tax treatment and restrictions to ensure IRS HSA compliance.