HSA — Tax Forms and Contributions | HealthEquity | Help Center (2024)

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HSA — Tax Forms and Contributions

HSA — Tax Forms and Contributions

Tax forms for your HSAs can be found in your online account starting January 31st.

Updated over a week ago

In this article:

HealthEquity provides the Health Savings Account (HSA) tax Form 1099-SA and Form 5498-SA by January 31st.

Your HSA tax forms will be made available in your preferred format - mail or digital.

  • If you opted in for digital delivery, your forms will be available in your member portal, and you will receive an email notifying you they are ready.

  • If you opt to receive a paper form via mail, you can still access a digital version of the form in your member portal.

Visit the Tax Forms and Statements page in the member portal:

  • From the dashboard, click the ‘Tax Forms and Statements' link under the 'Account Maintenance' section on the right side of the screen.

  • Scroll until you see the Form 1099-SA section.

  • Choose the 2023 tax year in the dropdown.

    • Note: You will not have a 1099-SA if you did not have distributions during 2023.

  • The tax forms will open in another window, if it doesn't, you may need to disable popup blockers.

Take Me There

Things to note:

  • HealthEquity will provide the 2023 tax reporting information for members on all accounts converted in 2023. For those converted in 2024, please see your prior custodian for your tax forms.

  • Members who initiated their own transfer of funds from another HSA custodian during the 2023 year will need to get a tax form from their prior HSA custodian.

You can update your tax form delivery preferences here.

Form 1099-SA

Tax Form 1099-SA is used to report distributions from an HSA.

  • If you do not have any distributions for a given tax year, you will not have a 1099-SA form for that year.

  • The form will open in another window, if it does not, you may need to disable popup blockers.

Form 5498-SA

Form 5498-SA is used to report contributions to an HSA.

  • It’s for informational purposes and is not required to file a tax return.

  • The W-2 you receive from your employer in January should match Form 5498-SA unless you made contributions outside of your employer or after January 1, 2023.

  • After-tax contributions will not appear on your W-2, but will be reflected on Form 5498-SA.

When it comes to reporting on and filing with after-tax contributions, the resources available for understanding your total contributions for a given tax year are either your contribution history or the HealthEquity Year-End Statement.

You're allowed to make 2023 Health Savings Account (HSA) contributions right up to the tax filing deadline to potentially reduce your annual tax bill¹.

The 2023 tax filing deadline is April 15, 2024.

Every dollar you add to your HSA reduces your taxable income by one dollar. It's a straight dollar-for-dollar deduction. So, if your effective tax rate is 25%, you'll save a quarter for every dollar you set aside². Those quarters can add up fast! Plus, the dollars your save in your HSA will be there if you need them for qualified medical expenses (or long-term retirement savings)³.

HSA Maximum Yearly Contribution Limits

The HSA contribution limits are:

Coverage Type

2022

2023

2024

Individual Coverage

$3,650

$3,850

$4,150

Family Coverage

$7,300

$7,750

$8,300

Catch-Up (age 55 or older)

Additional $1,000

Additional $1,000

Additional $1,000

  • Go to your Contribution History

  • The Contribution History page will show you contributions for the current year, but you can select a previous year, and whether you want to view tax year or calendar year.

  • The list will show when each contribution that was made, the contribution type (employer or employee), which tax year it applies to, and the amount.

IRS Form 5329 can help you calculate tax liability for excess contributions. Distribution of Excess forms do not alter your contribution limits. For more information, consult a tax professional. 

For pre-tax contributions made through payroll contributions: 

  • Current Tax Year:  Contributions may need to be removed by your employer by having them complete the  HSA Employer Contribution Correction Request form. Or, you can fill out the Distribution of Excess HSA Contribution Form.

  • Previous Tax Year:  Fill out the and submit the Distribution of Excess HSA Contribution Form.

    • These forms are located by logging into your account and selecting the Support icon then clicking Fill out a Form.

For post-tax contributions: 

Was it within the current tax year or one tax year prior? 

  • Current Tax Year:  Fill out and submit the Return of Mistaken HSA Contribution form. 

  • Previous Tax Year:  Fill out the Distribution of Excess HSA Contribution Form.

All forms are located by logging into your account and selecting the Support icon then clicking Fill out a Form.

HealthEquity does not provide legal, tax or financial advice. Please contact a tax advisor for any specific tax guidance.

¹HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-deductible with very few exceptions. Please consult a tax advisor regarding your state's specific rules.

²The example used is for illustrative purposes only. Your savings will vary based on your combined state and federal effective tax rate and your specific tax situation.

³After age 65, if you withdraw funds for any purpose other than qualified medical expenses, you will be subject to income taxes. Funds withdrawn for qualified medical expenses will remain tax-free.

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HSA — Tax Forms and Contributions | HealthEquity | Help Center (2024)

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