What tax forms will I receive with my HSA?

You will receive two tax forms on an annual basis. The 1099-SA will provide you with a summary of the distributions (withdrawals) from your HSA and the 5498-HS will provide you with a summary of the contributions (deposits) that have been made. The 5498 does not come out until the spring after the year you have filed taxes for, but serves as a check-and-balance item. If it does not reconcile, you can submit correctional paperwork to the IRS.

All HSA accountholders need to complete Form 8889-SA with your taxes. This form can be obtained from www.IRS.gov or your tax consultant. In order to fill this form out accurately, you will need your W-2, 1099-SA, and the following spring you will receive a verifying 5498-HS from your bank.