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Your Health Savings Account (HSA) can provide you with multiple tax savings and advantages. We’ll help provide you with tax forms and other important information for your tax filing.1

Your HSA tax forms

HealthEquity provides your HSA tax forms through mail or email, and they are easily accessible online. If you have a Health Reimbursement Arrangement (HRA), Flexible Spending Account (FSA), or Commuter benefits, you do not need to report these on your tax forms and you will not receive any tax documentation through HealthEquity.

Visit the ‘Statements and Tax Forms’ page in your profile to access them now.

  • File Form 1099-SA to report distributions from an HSA.

  • File Form 5498-SA to report contributions to an HSA.

  • File Form 8889 to report your HSA contributions and distributions.

  • Refer to Form W-2 for your HSA contributions.

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Form 1099-SA

Basic information

HealthEquity will send you a Form 1099-SA if you had any distributions from your HSA during the tax year.

Instructions

Enter the distributions2 shown in Box 1 of Form 1099-SA on Form 8889.

Form 5498-SA (used for informational purposes only)

Basic information

Form 5498-SA reports regular and rollover contributions on HSAs, Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs (MA MSAs) as well as the fair market value of an HSA, Archer MSA, or MA MSA at the end of the tax year.

Instructions

Form 5498-SA is for informational purposes only; you do not need to file it with your tax return.3

The W-2 you receive from your employer in January should match Form 5498-SA unless you made contributions outside of your employer or between January 1 and Tax Day, for the previous tax year.

Note: After-tax contributions will not appear on your W-2, but will be reflected on Form 5498-SA.

When it comes to reporting on and filing with after-tax contributions, the resources available for understanding your total contributions for a given tax year are either your contribution history (filter by tax year) or the HealthEquity Year-End Statement, available on the ‘Account Statements’ page in the HealthEquity Member Portal.

Form 8889

Basic information

File Form 8889 with your tax return to report your HSA contributions and distributions. Completing Form 8889 requires information from your 1099-SA and information from your W-2. Some of this information includes:

  • Annual distributions

  • Pre-tax contributions made by you or your employer

Instructions

Your annual and/or monthly statements from HealthEquity will note contributions outside of pre-tax contributions through your employer and are available through your member portal.

Your year-end statement will include all contribution types with a line, “by your employer or by you via salary reduction” that ties to your W2.

Access Form 8889 from the IRS.

Form W-2

Basic information

Your W-2 shows your HSA contributions made by your employer and by pre-tax payroll deduction, if applicable.

If your HSA payroll deductions were taken pre-tax, they’re considered “employer contributions.

Note: After-tax contributions will not appear on your W-2. You may be able to claim a deduction for these contributions. See instructions for Form 8889 for more information.

Important HSA tax form FAQs

  • What if I’m over the limit?

    If you’ve contributed more than the contribution limit, you may be subject to IRS penalties and added tax liability. To avoid penalties and added taxes, submit an HSA Excess Contribution Removal Form (available on the HealthEquity Member Portal under ‘Docs and Forms’) to HealthEquity before you file your return.

  • What if some of my expenses aren’t qualified?

    To avoid penalties or taxes, submit an HSA Mistaken Distribution Form with a check payable to HealthEquity for the amount of the distribution no later than the tax filing deadline. Write your member ID, the tax year, and ‘Redeposit’ on the memo line for faster processing.

  • What is Form 5498-SA used for?

    The information on Form 5498-SA is submitted to the IRS by either the trustee or the issuer of your Individual Retirement Arrangement (IRA) . This is used to report all types of contributions including catch-up, Required Minimum Distributions (RMDs) , and the fair market value (FMV) of the individual's account.

  • Do I have to report Form 5498-SA on my tax return?

    No, you are not required to file it with your tax return. This type of form is informational purposes and isn't given until May, as IRA contributions for the previous tax year can be made before Tax Day.

  • Do I need to do anything with Form 5498-SA?

    No, you do not have to do anything with the form on your tax statements. Keep it for your tax records and tax documents. Your IRA trustee, custodian, or tax advisor is the one responsible for mailing it to the IRS.

  • What is the difference between a 1099-R and Form 5498-SA?

    While they are both used in regard to IRAs, Form 1099-R is for reporting distributions from an IRA and Form 5498-SA is used for reporting contributions to an IRA.

  • Do I need to keep my Form 5498-SA?

    No, you do not need to keep your Form 5498-SA. This is an informational IRS form only.

  • What happens if you didn't receive a Form 5498-SA?

    If you didn't make any contributions to your IRA in a tax year, you will not receive a Form 5498-SA.

  • Where do I enter a Form 5498-SA IRA contribution?

    You do not need to enter this information. However, on the form you are able to see the amount you contributed to your traditional IRA, the amounts contributed to a Savings Incentive Match Plan for Employees (SIMPLE) IRA, and the amounts you put into a Roth IRA during the tax year.

  • Do I need to report the transfer or rollover of an IRA or retirement plan on my taxes?

    While the rollover transaction isn't taxable, you may need to report it on your federal tax return. The information required may include the taxable amount of a distribution.

  • Can I still contribute for the previous tax year?

    After Tax Day, you are unable to make contributions for the previous tax year. While there are catch-up contributions, the deadline is now over. You cannot make contributions for the previous tax year after Tax Day.

  • What if I contribute between January 1 and Tax Day for the previous tax year?

    If you have made your contributions within the allotted time period (January 1 through Tax Day), you will have been issued a corrected 5498-SA.

HealthEquity does not provide legal, tax or financial advice. . It is the members’ responsibility to ensure eligibility requirements as well as the expenses are tax qualified medical expenses.

Copyright © 2024 HealthEquity. All rights reserved. 1099-SA_5498-SA_02_info_Feb_2024

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