If you have an HSA, getting your tax forms organized well ahead of April 15th is critical. Because of HSA’s triple-tax benefits, there are a few extra steps you’ll need to take when filing your taxes.
- UPDATE AS OF MARCH 24, 2020: The federal income tax return filing deadline has been postponed from April 15, 2020 to July 15, 2020. Publication 969 states that you may make contributions to your HSA for 2019 at any time up to July 15, 2020. Be sure to comply with both state and federal law when filing taxes. You can find more information regarding this situation here.
A health savings account (HSA) is a savings account you can open and contribute to if you are also enrolled in a high deductible health plan (HDHP). The reason these two are paired, is the contributions you make to your HSA are supposed to help you cover your deductible and other out-of-pocket expenses that are typically much higher under an HDHP than you would otherwise be responsible for under a traditional plan.
All contributions to HSAs are tax-deductible, they roll over from year to year, they earn you interest, you can invest your funds (if you have an HSA like Lively’s), and they can be used to pay for any qualified medical expense. For more information, see our HSA Guide.
If you have contributed to or distributed from your HSA in 2019, you’ll need to submit additional information, usually obtained from your employer or HSA administrator.
Let’s get started with the basics.