Get Purpose: Use This Form For Distributions From Your Hsa In Cases When You Want A Check From Us (or A

Save: Prepare for health care needs in the future If you don't spend the money in your account, it will carryover year after year.

The purpose of Form 5498-SA is to report how much money is contributed to an HSA, Archer MSA or MA MSA over the course of a tax year. In the case of HSAs and Archer MSAs, the tax year extends to April 15 of the following year.

Verification of expenses is not required for HSAs. However, total withdrawals from your HSA are reported to the IRS on Form 1099-SA. You are responsible for reporting qualified and non-qualified withdrawals when completing your taxes.

The account owner then repays the mistaken distribution to the HSA no later than April 15 following the first year the account owner knew or should have known the distribution was a mistake.

An HSA distribution is a withdrawal from your health savings account. HSA distributions taken to pay for eligible medical expenses are not taxable, but they still must be reported to the Internal Revenue Service (IRS).

A 1099-SA is a U.S. tax form that reports distributions made from a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage medical savings account (MA MSA). Its purpose is to show you (and the Internal Revenue Service) how much money you spent from your account.

File Form 1099-SA to report distributions made from a: Health savings account (HSA).

You can withdraw funds from your HSA anytime. But keep in mind that if you use HSA funds for any reason other than to pay for a qualified medical expense, those funds will be taxed as ordinary income, and the IRS will impose a 20% penalty.