Health Savings Account (HSA) Tax Filing Instructions
Tax filing time is upon us. Here is important information you will need concerning your HSA.
Required Form 8889 – Everyone with an HSA must complete this form and it should accompany your 1040 when you submit your taxes. The 8889 Form and Instructions are available on our website www.chard-snyder.com in the HSA Forms section. To find them, click on Health Savings Account (HSA) under Quick Access; click on HSA Forms; click on the logo for your bank in the middle of the page; scroll down to the form you need. Chard Snyder can provide you with general guidance related to these tax forms, however we are not a tax advisor. If you have detailed questions about completing your 8889 Form, you should refer to the instructions or consult a tax professional.
Distribution Reporting (From Bank) – All participants will receive form 1099-SA from your bank showing the amount spent from the HSA in 2009. These forms normally arrive in early February. You should enter the total amount of any distributions shown on your 1099-SA on Form 8889. You must also report any distributions that were not qualified expenses. If you are audited and do not properly self-report use of your account for non-qualified expenses, you will be taxed and penalized by the IRS.
Contribution Reporting (From Bank) – All participants will receive form 5498 from their bank that shows the amount deposited to the HSA in 2009. Per IRS guidelines, the 5498 Form (showing final contributions) are not released by banks until May. Therefore, you must use your W-2 for contribution information when filing your Form 8889 by April 15. All contributions made PRE-TAX through your payroll or employer contribution will appear in Box 12 marked with the letter “W” on your W-2. If you made or received any AFTER-TAX contributions, they will NOT be noted on your W-2. You must refer to your end-of-year (December) HSA monthly account statement to verify the amount you contributed for 2009. December statements are normally mailed in mid-January. Fifth Third participants may request a copy when they log-in to their on-line account or call bank customer service at 1.888.350.5353. Bank of Kentucky participants may call customer service at 859.372.9755 to request a copy of their statement.
Please don’t hesitate to call if you have any questions about this process. Our customer service center is available to answer questions at 513.459.9997 or 800.982.7715.
Sincerely,
Chard Snyder Customer Service
