If you have an excess contribution that remains in the HSA when you file your taxes, you will report the excess contribution. The funds will be taxed at the ordinary tax rate plus an excise tax. If you remove an excess contribution during a tax year, you will receive a 1099-SA document outlining the distribution. You will use this document when completing your tax return.
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Benefit Resource and BRI are tradenames of Benefit Resource, LLC. Benefit Resource, LLC is an affiliate of Inspira Financial Health, Inc. and Inspira Financial Trust, LLC. Benefit Resource, LLC does not provide legal, tax or financial advice. Please contact a professional for advice on eligibility, tax treatment and other restrictions. Inspira and Inspira Financial are trademarks of Inspira Financial Trust, LLC.
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HSA Custodial Services are provided by a separate financial institution. See your HSA Account Agreement for specific account terms.
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