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HSA Tax Tips: What You Need To Know

With 2018 right around the corner, 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 visit our website for our “HSA 101: Tax Time” video at

When to Expect Tax Forms

January 2018: If you made withdrawals from your HSA in 2017, you’ll receive IRS Form 1099-SA in the mail from FPS Trust at the end of January. Use this form to report HSA distributions on your tax return.

May 2018: If you made contributions to your HSA for tax year 2017, you’ll receive IRS Form 5498-SA in the mail from FPS Trust at the end of May. No action is needed on your part, but you should keep this form for your records.

Contribution Limits for 2018

Contribution limits for 2018 are as follows:

Single: $3,450 (up from $3,400 in 2017)

Family: $6,900 (up from $6,750 in 2017)

Catch-up Contribution (age 55+): $1,000

Note that the deadline for making 2017 contributions to your HSA is April 17, 2018. That means you can make a contribution in March 2018 and allocate it to your 2017 contributions if you haven’t already met your contribution limit. Pretty cool, eh?

If you have additional questions, our office will have extended hours starting in January. Feel free to give us a call at (888) 354-0697 so we can make sure to get all of your questions answered.

Author: Ginny Latham