What tax forms do I need and when will they be available?
There are three tax forms associated with Health Savings Accounts (HSAs): IRS Form 1099-SA, 5498-SA and 8889.
- IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year. We are required to provide taxpayers with a 1099-SA by January 31 each year.
- Please be advised that the 1099-SA tax form for the previous plan year is only generated if distributions were made for the previous plan year. If there were no distributions reported for the participant's HSA for the previous plan year a 1099-SA tax form will not be generated. If the participant did not have previous distributions after transferring the account to us, they must contact their previous custodian for the 1099-SA tax form.
- IRS form 5498-SA shows the amount of money deposited into your HSA for the tax 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.)
- Form 5498-SA reports your annual contributions to your HSA. Normally, this form must be mailed to participants and the IRS by May 31. 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
- IRS form 8889 is the form you fill out and submit with your tax return.
- You must file Form 8889 if any of the following applies.
- You (or someone on your behalf, including your employer) made contributions for the tax year to your HSA.
- You received HSA distributions in the tax year.
- You must include certain amounts in income because you failed to be an eligible individual during the testing period.
- You acquired an interest in an HSA because of the death of the account beneficiary.
When and how will I receive my tax forms?
Tax forms will be emailed to your personal email address. If you don’t have one on file, it will be sent to your work email address. 1099-SA forms are typically available by January 31st. 5498-SA forms will be delivered by late April or early May.
Our HSA partner, Blue Ridge Bank, works with an IRS-authorized eFiling platform called Tax1099.com to prepare all tax documents. They will email you directly with instructions for accessing your tax form.