How to Find Your HSA Tax Forms for Filing

A Health Savings Account (HSA) offers a tax-advantaged way to save for qualified medical expenses. These accounts provide tax benefits for contributions, potential tax-free growth, and tax-free withdrawals when used for eligible healthcare costs. Understanding HSA tax reporting is important for account holders to comply with IRS regulations and properly report HSA activity on their annual tax return.

Identifying Essential HSA Tax Forms

Three primary tax forms are relevant for Health Savings Account holders. Form 1099-SA, “Distributions From an HSA,” reports all withdrawals made from your HSA during the tax year. Your HSA custodian issues this form if you took any distributions. You will not receive a 1099-SA if you did not take a distribution.

Another crucial document is Form 5498-SA, “HSA Contributions.” This form details all contributions made to your HSA for the tax year, including those made up to the tax filing deadline. It also shows the fair market value of your account at year-end. Your HSA custodian provides this form. While Form 1099-SA is typically available by late January, Form 5498-SA may arrive later, usually by late May or early June, as it accounts for contributions made up to the tax filing deadline.

The third essential form is Form 8889, “Health Savings Accounts (HSAs).” This form is completed by you, the taxpayer, and filed with your income tax return. Form 8889 reports all HSA activity, including contributions and distributions, to the IRS. It helps calculate your HSA deduction and determine if any distributions are taxable.

Accessing Your HSA Tax Documents

The primary source for obtaining your Form 1099-SA and Form 5498-SA is your Health Savings Account custodian. Most custodians offer digital access to these tax forms through their online portals. You can generally find these documents in a section labeled “Tax Documents,” “Statements,” or “Account Statements” within your online account.

Custodians also send physical copies of these forms to the account holder’s mailing address. Form 1099-SA is usually mailed by the end of January, while Form 5498-SA is often sent by the end of May. If your employer contributed to your HSA through payroll deductions, these amounts are reported on your Form W-2, Wage and Tax Statement, in Box 12 with Code W.

If you do not receive your forms by the expected deadlines, first check your HSA custodian’s online portal for digital copies. If still unavailable, contact your HSA custodian directly to inquire about delivery or to verify your mailing address. It is also advisable to check your spam or junk mail folders if you are expecting digital notifications.

Reporting HSA Transactions on Your Tax Return

Once you have gathered your Form 1099-SA and Form 5498-SA, you will use the information from these documents to complete Form 8889, Health Savings Accounts (HSAs). This form is crucial for reporting your HSA contributions and distributions, calculating your HSA deduction, and determining if any distributions are taxable. You must file Form 8889 with your Form 1040, 1040-SR, or 1040-NR if you, or someone on your behalf, made contributions to your HSA, or if you received distributions from it during the tax year.

Part I of Form 8889 is where you report your contributions. You will transfer the total contributions shown on Form 5498-SA to the relevant lines on Form 8889. Contributions made through payroll deductions by your employer, indicated in Box 12 (Code W) of your Form W-2, are also reported here. This section helps compute the amount you can deduct for your HSA contributions, which then flows to Schedule 1 (Form 1040).

Part II of Form 8889 addresses HSA distributions. You will transfer the total distributions reported on Form 1099-SA to the appropriate lines in this section. It is important to maintain detailed records of qualified medical expenses, as distributions used for these expenses are tax-free. Any portion of a distribution not used for qualified medical expenses is taxable income and may be subject to an additional 20% penalty if you are under age 65.

This penalty does not apply if you are age 65 or older, disabled, or deceased. Tax preparation software can guide you through completing Form 8889, and a tax professional can provide assistance for more complex situations. You should retain receipts for medical expenses in case of an audit.