Question:

How do I determine how much I am eligible to deduct on my taxes?

Answer:

HSA Bank provided a year-end statement which included the total contributions to your account as of December 31. Typically, your employer will report any pre-tax contributions in Box 12 of your W-2 form. This amount should include both your employer contributions and any pre-tax employee contributions. When completing your taxes, you will need these pieces of information when completing Form 8889 to determine what you are eligible to deduct on your taxes. If you do not receive a W-2 or are uncertain if the values are correct, please consult your tax advisor to discuss what you are eligible to deduct.