You’ll need two forms to submit your taxes with an HSA:
Form 1099-SA tells you the total distributions or payments that were made from your HSA. You will receive this form from your HSA provider postmarked no later than January 31 of the year after the tax year for which you are filing (for example, Jan. 31, 2021 for 2020 tax year).
Remember when you were sick back in October and used your HSA to pay for the doctor’s visit and antibiotics to get better? Or when you thought it was a good idea to help with dinner and ended up bare-handing the hot cast iron skillet and used your Starship card for the burn treatment? This brings back all of those not-so-great physical memories, but awesome financial ones.
Form 5498-SA summarizes the contributions or deposits you made to your HSA throughout the tax year. It’s basically a recap of all of the financially responsible decisions you made last year. It feels good to see your hard work and sacrifice come to fruition, doesn’t it? Keep in mind, because you are able to contribute to your previous year totals up until a few days before Tax Day, these forms are not available until the end of May each year. If you need more specific numbers our Customer Experience Team is there to help you. Just chat with us and we can provide you more detail.
It’s also important to know that everyone who has an HSA will receive Form 5498-SA, but you’ll only receive Form 1099-SA if you used your HSA to pay for expenses throughout the year.
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