What employees need to know
Filing taxes with a Health Savings Account can be confusing, but it doesn’t have to be. Here are tips to share with employees about how to file taxes with an HSA.
As you gather all the necessary paperwork to file your taxes, here are three forms you’ll need to have on hand:
Year End Status Filing Report
This report shows account activity for the previous calendar year, and is not an official tax document.
IRS Form 1099-SA
This report provides you with ‘distributions made,’ or where you spent HSA dollars during the tax year.
IRS Form 5498-SA
This form provides you with the contributions you made to your HSA during the tax year.
These three forms are necessary to complete the IRS Form 8899 on your taxes. Typically, these are sent to you from the HSA administrator, such as HSA Bank.