HSA participants must report all contributions and non-qualified withdrawals to file tax forms with the IRS each year. All non-qualified withdrawals of HSA funds are subject to taxes, and for most people, a 20% penalty. However, the penalty does not apply to individuals who are 65 or older, disabled, or deceased (i.e., the funds are passed to a beneficiary).
Form 1099-SA is used to report on the disbursements that were made to an individual’s HSA plan for a given tax year. HSA providers will provide HSA participants one Form 1099-SA... Learn more
Form 5498-SA is used to report on the contributions that were made to an individual’s HSAplan for a given tax year. HSA provider will send the form by May 31st of each year to p... Learn more
Form 8889 reports HSA contributions, distributions and deductions, and must be filed with the IRS before contributions to an HSA can be declared as deductions on tax returns. Fo... Learn more