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It’s Tax Time! Know Where You’re Headed with These Tips

It’s a New Year, and you know what that means — time to get organized for filing your taxes. If you have a health savings account (HSA), you may have questions about the related tax forms. We’re here to help:

What are Forms 1099-SA & 5498-SA?

Form 1099-SA reports withdrawals from your HSA during the calendar year. The amount in Box 1 of Form 1099-SA should be reported on Form 8889 when you file your taxes. The 1099-SA is issued only if a withdrawal was made.

Form 5498-SA reports contributions made to your HSA during the tax year. This form is informational and does not need to be filed with your taxes.

As always, if you have specific questions regarding your taxes, we encourage you to consult with your financial advisor.

HealthSavings Customers May Receive Two Sets of Tax Forms for 2015

Due to our custodial bank conversion in September, some of our customers may receive two copies of Form 1099-SA and Form 5498-SA:

At the end of January 2016, if customers made withdrawals from their HSAs in 2015, they may receive two Form 1099-SAs in the mail — one from HSA Bank and one from FPS Trust. In addition, if customers made contributions to their HSAs between January 1 ‒ August 31, 2015, they may also receive Form 5498-SA in the mail from HSA Bank.

At the end of May 2016, if customers made contributions to their HSAs for tax year 2015, they will receive Form 5498-SA in the mail from FPS Trust.

Customers who wish to view their year-to-date contributions prior to receiving Form 5498-SA may view this information by logging into our Member Portal. After logging in, simply view the Contribution Summary bar graph located in the bottom right corner of the screen.

Also, please keep in mind that account holders may contribute to their HSAs for tax year 2015 until the tax filing deadline on April 18, 2016. Simply click here for 2015 and 2016 contribution limits and other resources.

Questions? Feel free to contact us!

Author: Jennifer Harris