Learn what tax forms you will need to submit to IRS if you have an HSA.

You will receive the IRS Form 1099-SA and IRS Form 5498-SA either by mail or electronically (based upon your elected delivery preference) regarding your HSA account. You can go to your Forma Portal and click on Accounts at the top of your page → click on your HSA account →click on Manage HSA → click on Pay Myself → when the portal page opens up click on Account Resources → Tax Form to select your Tax Forms Delivery Preference.

1. IRS Form 1099-SA is provided for each HSA distribution you made in the current tax year. This should be completed by January 31 every year.
2. IRS Form 5498-SA provides you with all the contributions made to your HSA during the tax year. Normally, this form must be mailed to participants and the IRS by May 31 every year.

You can see HERE for IRS Instructions for Forms 1099-SA and 5498-SA. To get the tax form, you can go to your Forma Portal → Accounts → HSA → Manage HSA → Pay Myself → Account Resources → Tax Forms. The bank will generate forms in compliance with this IRS deadline.

These two forms are used to help you complete IRS Form 8889. Come tax time, anyone who contributed to or received a distribution from an HSA will need to fill out Form 8889. It would be attached to Form 1040 when you report the tax.

The purpose of these tax forms is to (1) report all contributions to your HSA in order to figure your tax deduction (2) report distributions, and (3) determine the tax and penalty to be applied to any contributions you make in excess of your prorated ceiling if you lose your eligibility to fund your account during the calendar year.

Form 8889 has a line for reporting your direct contributions to your HSA, and you’ll carry that deduction to line 25 of your Form 1040. Ineligible payouts are taxable, and you need to report them on line 21 of Form 1040.

You must file Form 8889 if any of the following applies.

• You (or someone on your behalf, including your employer) made contributions for the tax year to your HSA.
• You received HSA distributions in the tax year.
• You must include certain amounts in income because you failed to be an eligible individual during the testing period.
• You acquired an interest in an HSA because of the death of the account beneficiary.

If you have any questions, please feel free to reach out to us via live-chat, email [email protected], or call us at 844-902-2902. We also suggest you to check on IRS.gov for the most recent updates, or you may reach out to your tax consultant for professional help!