Tax season is right around the corner. In order to help you get prepared, Lively has provided this checklist to help with all the HSA tax information you will need.
HSAs provide the only 100% tax-free savings for health savings and investment, make sure you have your HSA taxes in check to take full advantage and ensure full IRS tax compliance this year.
HSA Tax Form Check List
From Your HSA Provider
- IRS Form 1099-SA is only required if you distributed funds this year from your HSA, including rollover funds. Your HSA provider will send this form out by January 31, 2019.
- IRS Form 5498-SA is only required if you contributed funds to your HSA in the previous year until April 15 of the current year, including rollover funds. Your HSA provider will send this form out by May 31 2019. For 2019, the tax filing deadline is April 15, 2019.
Additional Required Federal Tax Forms
- IRS Form 1040 is the standard federal income tax form to enter HSA contributions, taxable non-medical HSA distributions, excess HSA contributions not withdrawn or non-medical HSA distributions that you will need to report.
- IRS Form 8889 is required if any HSA contributions have been made to your HSA (from yourself or another person), you have made any HSA distributions, or received an HSA upon the death of the owner.
- IRS Form 5329 only applies if you have excess HSA contributions, prior to the current year tax deadline (For 2018, the tax filing deadline is April 15, 2019).
Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.