What HSA Information is Needed for Taxes?

When it comes to health savings accounts (HSAs) and taxes, there are a few key pieces of information you need to have in order to accurately file your taxes. Here are the main points to keep in mind:

1. Contributions: You need to report all HSA contributions, whether they were made by you, your employer, or someone else on your behalf.

2. Withdrawals: If you made any withdrawals from your HSA during the tax year, you'll need to report those as well. It's important to note that withdrawals used for qualified medical expenses are tax-free.

3. Form 1099-SA: If you received any distributions from your HSA, you should receive a Form 1099-SA from your HSA administrator. This form will show the total amount of distributions you received during the year.

4. Form 8889: You'll need to fill out Form 8889 with your tax return to report your HSA contributions, deductions, and distributions. This form helps ensure you are using your HSA funds correctly and that you are not being taxed on qualified medical expenses.

5. Tax Reporting: Make sure all HSA-related information is accurately reported on your tax return to avoid any penalties or additional taxes.

When it comes to health savings accounts (HSAs) and taxes, having the right information is crucial to making sure your tax return is accurate and compliant. Knowing your HSA contributions is the first step; whether you contributed directly, received employer contributions, or someone assisted on your behalf, reporting is essential.