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Tax Time

Getting Ready for Tax Time

on February 20, 2018

If you have enrolled in a Health Savings Account (HSA), you already recognize the significant tax savings this type of account provides. An HSA is the only account to provide a triple tax benefit— you save when funds are contributed, as funds grow and when funds are used for qualified medical expenses. However, tax time might be a little overwhelming and we can all benefit from a little refresher on what to expect.

What will you receive:
  • IRS Form 1099-SA: This form reports any amounts distributed from the HSA in 2019 and will be sent by the financial institution by January 31, 2020.
  • W-2 from your employer: The W-2 from your employer will report your total pre-tax contributions to the HSA. Your employer is required to send this by January 31, 2020.
  • IRS FormĀ 5498-SA: This form provides confirmation of the total amounts contributed to your Health Savings Account for 2019. This will be sent by May 31, 2020, since HSA contributions can be made until the tax filing deadline for the prior year. The HSA contribution deadline for 2019 is April 15, 2020. This is only a confirmation and you do not need this form to file your income tax returns.
Other items you may need for tax time:Ā 
  • A total year-to-date account summary: This is generally available from the financial institution holding your HSA funds.
  • Form 8889: When filing your personal income taxes, you will need to report your HSA contributions and distributions by usingĀ Form 8889. If you use an online tax program, it will walk through the relevant questions and information that needs to be provided to populate this form.
    –Ā IRS Form 8889
    –Ā Instructions for IRS Form 8889

For specific questions about your taxes and pre-tax benefit accounts, please consult your tax advisor.

Updated February 6, 2020 to reflect the 2019 tax year cut-off dates.Ā 

Categories: Health Accounts Health Savings

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245 Kenneth Drive
Rochester NY 14623-4277

Benefit Resource, LLC
PO BOX 642
Willow Grove, PA 19090

email: info@benefitresource.com

phone: (866) 996-5200

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The Beniversal and eTRAC Prepaid Mastercards are issued by The Bancorp Bank pursuant to license by Mastercard International Incorporated. Mastercard is a registered
trademark, and the circles design is a trademark of, Mastercard International Incorporated. The Beniversal and eTRAC cards are accepted at qualified merchants accepting Debit
Mastercard. The Bancorp Bank; Member FDIC.

HSA Custodial Services are provided by a separate financial institution. See your HSA Account Agreement for specific account terms.

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