HealthEquity HSA
tax center

Your health accounts can provide you with multiple tax savings and advantages. We’ll help and provide you with the tax forms and other important information for your tax filing.

Your HSA tax forms

HealthEquity provides your HSA tax forms through mail, email, and is easily accessible online. If you have an HRA, FSA, or Commuter Benefits, you do not need to report these on your tax forms and you will not receive any tax documentation through HealthEquity.

Visit the Statements and Tax Forms page in your profile to access them now.

  • File form 1099-SA to report distributions from an HSA

  • File form 5498-SA to report contributions to an HSA

  • File form 8889 to report your HSA contributions and distributions

  • Refer to form W-2 for your HSA contributions

Access your HealthEquity tax forms Access your HealthEquity tax forms
Still have questions? Get help

Form 1099-SA

Basic information

HealthEquity will send you a Form 1099-SA if you had any distributions from your HSA in 2022.

Instructions

Enter the distributions1 shown in Box 1 of Form 1099-SA on Line 14a of Form 8889.

Form 5498-SA (used for informational purposes only)

Basic information

Form 5498-SA reports regular and rollover contributions on health savings accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs (MA MSAs) as well as the fair market value of an HSA, Archer MSA, or MA MSA at the end of 2022.

Instructions

Form 5498-SA is for informational purposes only; you do not need to file it with your tax return.2

The W-2 you receive from your employer in January should match Form 5498-SA unless you made contributions outside of your employer or between January 1, 2023, and April 18, 2023, for the 2022 tax year.

Note: After-tax contributions will not appear on your W-2, but will be reflected on Form 5498-SA.

When it comes to reporting on and filing with after-tax contributions, the best resources available for understanding your total contributions for a given tax year are either your contribution history (filter by tax year) or the HealthEquity Year-End Statement, available on the Account Statements page in the HealthEquity member portal.

Form 8889

Basic information

File Form 8889 with your tax return to report your HSA contributions and distributions. Completing Form 8889 requires information from your 1099-SA and information from your W-2. Some of this information includes:

  • Annual distributions

  • Pre-tax contributions made by you or your employer

Instructions

Your annual and/or monthly statements from HealthEquity will note contributions outside of pre-tax contributions through your employer and are available through your member portal.

Your year-end statement will include all contribution types with a line, “by your employer or by you via salary reduction” that ties to your W2 in box 12 code W.

Find Form 8889 at www.irs.gov/file_source/pub/irs-pdf/f8889.pdf.

Form W-2

Basic information

Box 12 of your W-2 shows your HSA contributions made by pre-tax payroll deduction, if applicable, and by your employer (labeled “employer contributions” and marked with code “W”). Enter the amount from Box 12 on your W-2 on line 9 on Form 8889.

  • If your HSA payroll deductions were taken pre-tax, they’re considered “employer contributions” and shown in Box 12 on your W-2. You cannot claim pre-tax payroll deductions as a deduction on line 13 on Form 8889.

Instructions

If you made any after-tax contributions to your HSA in 2023, enter this amount on line 2 on Form 8889.

Note: After-tax contributions will not appear on your W-2. You may be able to claim a deduction for these contributions on line 13. See instructions for Form 8889 for more information.

Important HSA tax form FAQs

  • What if I’m over the limit?

    If you’ve contributed more than the contribution limit, you may be subject to a 6% IRS penalty and added tax liability. To avoid penalties and added taxes, submit an HSA Excess Contribution Removal Form (available on the HealthEquity member portal under ‘Docs & Forms’) to HealthEquity before you file your return.

  • What if some of my expenses aren’t qualified?

    To avoid penalties or taxes, submitted an HSA Mistaken Distribution Form with a check payable to HealthEquity for the amount of the distribution no later than April 18, 2023. Write your member ID and “2022 redeposit” on the memo line for faster processing. Please contact HealthEquity if you have missed this date to pay any excess penalties or taxes.

  • What is a form 5498 used for?

    The information on form 5498 is submitted to the IRS by either the trustee or the issuer of your IRA. This is used to report all types of contributions including catch-up, RMDs, and the fair market value (FMV) of the individual's account.

  • Do I have to report form 5498 on my tax return?

    No, you are not required to file it with your tax return. This type of form is informational purposes and isn't given until May, as IRA contributions for the previous tax year can be made before Tax Day.

  • Do I need to do anything with a 5498 form?

    No, you do not have to do anything with the form on your tax statements. For general tax advice, keep it for your tax records and tax documents. Your IRA trustee, custodian, or tax advisor is the one responsible mailing it to the IRS.

  • What is the difference between a 1099 R and 5498?

    While they are both used in regard to IRAs, Form 1099-R is for reporting distributions from an IRA and FORM 5498 is used for reporting contributions to an IRA. Remember, income earned is not reported on neither IRS form.

  • Do I need to keep my 5498?

    No, you do not need to keep your 5498 form. This is an informational IRS form only.

  • What happens if you didn't receive a 5498?

    If you didn't make any contributions to your IRA in a tax year, you will not receive a 5498.

  • Where do I enter a 5498 IRA contribution?

    You do not need to enter this information. However, on the form you are able to see the amount you contributed to your traditional IRA in Box 1, the amounts contributed to a Savings Incentive Match Plan for Employees (SIMPLE) IRA in Box 9, and the amounts you put into a Roth IRA during the tax year in Box 10.

  • Do I need to report the transfer or rollover of an IRA or retirement plan on my taxes?

    While the rollover transaction isn't taxable, you need to report it on your federal tax return. The information required includes the taxable amount of a distribution.

  • Can I still contribute for 2022?

    As of April 18, 2023, you are unable to make contributions. While there are catch-up contributions, the deadline is now over. Remember, you cannot make contributions for the 2022 tax year after April 18, 2023.

  • What if I contribute during January 1 and April 15, 2023 for the 2022 tax year?

    If you have made your contributions within the allotted time period (January 1 through April 18), you will have been issued a corrected 5498-SA.

Nothing in this communication is intended as legal, tax, financial or medical advice. Always consult a professional when making life changing decisions. It is the members’ responsibility to ensure eligibility requirements as well as the expenses are tax qualified medical expenses.

Copyright © 2020 HealthEquity. All rights reserved. 1099-SA_5498-SA_02_info_Sept_2020