What If I Don't Put My HSA on My Taxes? - HSA Awareness Article

Forgetting to report your Health Savings Account (HSA) on your taxes can have significant consequences. If you fail to include your HSA information when filing your taxes, you may face penalties from the IRS.

Here are some important points to consider if you don't put your HSA on your taxes:

• Contributions to your HSA are tax-deductible, so failing to report them means you could miss out on valuable tax savings.
• Interest or other earnings on your HSA funds are tax-free as long as they are used for qualified medical expenses. Failing to report these earnings could result in tax liabilities.
• Employer contributions to your HSA are also tax-free, but you need to ensure they are correctly reported to avoid any issues.

It's crucial to include your HSA information on your taxes to maintain compliance with IRS regulations and avoid any penalties. If you realize you forgot to report your HSA, you should amend your tax return as soon as possible to rectify the situation.

Forgetting to report your Health Savings Account (HSA) on your taxes can lead to more than just a simple oversight; it can result in significant penalties and missed financial opportunities. Not only could you face fines from the IRS, but you might also lose out on valuable tax deductions.