HSA Tax Time 101

You've Got Questions. We've Got Answers.

HSA Tax Time 101 is a resource that provides answers to some of the most frequently asked HSA tax questions. We’ve organized the FAQs into three categories: Tax Documents; Contributions & Distributions; and Tax Time Reminders. Please visit irs.gov for additional information and resources, including IRS Publication 969, which explains the tax advantages and requirements of an HSA.

Please note: HSA Bank does not provide legal or tax advice. Please contact your tax professional with any tax-related questions.

Tax Documents

What tax documents will you receive from HSA Bank? *
When will you receive the 1099-SA and 5498-SA? *
Since form 5498-SA will not be available until May 2017, how can you access your 2016 contributions? *
Why does HSA Bank issue the 5498-SA in May? *
How are your tax documents delivered to you?
Where can you find your tax documents on the Member Website? *
What is the information included in boxes 1, 2, and 3 on form 1099-SA?
What is the information included in boxes 2 and 3 on form 5498-SA?

*If you manage your HSA through our Internet Banking site, this information does not pertain to you.

Contributions & Distributions

Where do you need to record your distributions and contributions?
Are HSA contributions taxable?
What are the IRS annual contribution limits?
Is there a contribution deadline for Health Savings Accounts?
Does filing an income tax extension with the IRS impact the established annual contribution deadlines?
How are your employer's contributions reported?
Are there restrictions on when you are allowed to schedule a distribution?
How are excess contributions corrected?
Are catch-up contributions allowed?

Tax Time Reminders

Does HSA Bank provide tax or legal advice?
What are you required to do if you lose your health insurance coverage?
What happens to your HSA when you enroll in Medicare?
Are you required to keep receipts and records?
What is the last-month rule?
What is the testing period for the last-month rule?