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Tax Answers 2012

How Many 2012 Tax Forms can I expect?

The 1099-SA will be issued only if you made a withdrawal from your Health Savings Account (HSA) in 2012.  The 5498-SA will be issued only if a contribution was made to your HSA.  If you make additional 2012 contributions in 2013 an updated 5498-SA form will be sent to you in May.

If your HSA was opened through Health Savings Administrators and HSA Bank on or after January 1, 2012, you will recieve tax documents from HSA Bank. Please retain for tax reporting purposes.

If your HSA was opened through Health Savings Administrators and Fulton Bank prior to August 1, 2012 and your account was  transferred to our new custodian, HSA Bank on 8/1/12, you may receive tax documents from both Fulton Bank and HSA Bank. Please retain all tax documents for tax reporting purposes.

 Where can I access my Vanguard statement and balance? 

 Your Vanguard statement and balance can be viewed in your online account at http://www.hsaadministrators.com.  Vanguard statements are sent quarterly, either electronically or by mail, and are separate from the HSA Bank statement.

 Remember, the HSA Bank statement (which you may have elected to receive online) displays the balance in the HSA Bank debit card/bank account only. The statement includes transactions for the debit card (which is optional) as well as contributions to and withdrawals from the Vanguard Funds.  HSA Bank statements are sent periodically throughout the year and will not reflect your Vanguard balance or any earnings or fees associated with the Vanguard portion of your account.

What tax forms will I receive? What is reported to the IRS?

Two tax forms will be sent to you and the IRS. The first is Form 1099-SA. This form is sent no later than January 31. Form 1099-SA indicates the distributions made from your health savings account during the calendar year. The amount in Box 1 of your 1099-SA should be reported on Line 14a of Form 8889, which is required when filing your taxes if you have a health savings account.

The second form sent to you is Form 5498-SA. This form is sent out after the tax filing deadline of April 15 but no later than May 31st.  Form 5498-SA is not filed with your taxes and is not sent earlier because account holders have until April 15 to make contributions to the prior year’s HSA.   This form includes ALL contributions made between January 1 of the reportable tax year (e.g. 2012) and April 15 of the following tax year (e.g. 2013). Box 1 will be blank unless you have an MSA. Box 2 indicates all the contributions made to your HSA in 2012, including any contributions made for 2011 in 2012. Box 3 indicates the HSA contributions made in 2013 for 2012. Note that both boxes 2 and 3 may, or may not, match the amount reported on line 2 of Form 8889.

What if I made a 2012 contribution after January, 1, 2013?

You will recieve an updated IRS Form 5498-SA in May to reflect any 2012 contributions received for your HSA between January 1, 2013 and April 15, 2013. 

If you have elected E-Statements in your on-line HSA Bank account,  click here to log into Internet Banking, select E-Documents from the menu and choose Tax Documents.  If you are not signed up for E-Statement, the paper form will be mailed to you.

What tax forms do I need to complete?

All taxpayers who have a health savings account must complete Form 8889 if:

  • they, or someone on their behalf, made contributions for 2012 to their HSA.
  • they received any HSA distributions in 2012.
  • they failed to be an eligible individual during the testing period.
  • they acquired an interest in an HSA because of the death of the account beneficiary.

Where can I find Tax forms?