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HSA Tax Tips: What You Need To Know

HSA Tax Tips: What You Need To Know

 

With 2019 here, we’re providing some important tax tips to make sure you’re prepared for tax season when it comes to your health savings account. For a quick overview of HSA tax details, you can also watch our “HSA 101: Tax Time” video.

When to Expect Tax Forms

January 2019: If you made withdrawals from your HSA in 2018, you’ll receive IRS Form 1099-SA in the mail from FPS Trust by January 31st. Use this form to report HSA distributions on your tax return. Learn how to understand Form 1099-SA here.

June 2019: If you made contributions to your HSA in 2018, you’ll receive IRS Form 5498-SA in the mail from FPS Trust by June 3rd. No action is needed on your part, but you should keep this form for your records. Learn how to read Form 5498-SA here.

Contribution Limits for 2019

Single: $3,500 (up from $3,450 in 2018)
Family: $7,000 (up from $6,900 in 2018)
Catch-up Contribution (age 55+): $1,000

Note that the deadline for making 2018 contributions to your HSA is April 15, 2019. That means you can make a contribution in March 2019 and allocate it to your 2018 contributions if you haven’t already met your contribution limit. Pretty cool, huh?

If you have additional questions, give us a call at (888) 354-0697 so we can get all of your questions answered.

Author: Ginny Latham

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