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Monday, January 30, 2017

HSA Tax FormsOn December 9th, 2016 the IRS announced that tax season will begin January 23rd, 2017. With that day fast approaching, we have recently updated our website with all the new health savings account (HSA) tax forms and publications you will need to file your 2016 tax return. Links and a quick explanation of each is listed below:
 

IRS Form 8889

The IRS Form 8889 will need to be filled out by everyone filing an income tax return with a health savings account. It is to report all contributions for the year into your HSA, help you figure out your HSA deduction, and to report the distributions from your HSA.
 

IRS Form 8889 Instructions

The IRS Form 8889 Instructions is a basic guideline with the rules and tips on how to fill out the 8889 Form.
 

IRS Publication 502

The IRS Publication 502 lists all eligible medical expenses for your HSA, as a point of reference.  If necessary, it is also designed to walk you through your itemized deductions for these expenses that you will claim on Schedule A in your 1040 Form.
 

IRS Publication 969

The IRS Publication 969 is for HSAs and other tax-favored health plans, such as MSAs, FSAs and HRAs. It quickly explains each type of account and how the contributions and deductions work for each.
 

Additional Website & Enrollment Form Updates

Our website has also been updated with the new enrollment packets and informational flyers for your 2017 contribution figures. This includes information on how to open an HSA and the logistics, as well as a checklist, information on eligibility & contributions, fees and the application to apply for an HSA.

All of the documents listed above (and more) can be found at the following link:

http://www.americanhealthvalue.com/health_savings_accounts/hsa_forms/

If you are also interested in more IRS information on HSAs you can visit the page below which has links to IRS Notices, Codes, Rulings, and Publications.

http://www.americanhealthvalue.com/health_savings_accounts/hsa_legislation/

The deadline this year to file your taxes is April 18th, 2017, due to April 15th falling on a Saturday and Emancipation Day in D.C. falling on Monday,  April 17th. If you have any questions about filing your 2016 taxes and/or your 2017 HSA contributions don’t hesitate to contact our office and we’re happy to help!

Thanks for reading, and here’s to a safe, healthy and happy 2017!

Posted by HSA Admin at 1/30/2017 7:10:00 PM
Wednesday, April 1, 2015

Benjamin Franklin was right on the money when he said, “In this world, nothing can be certain, except Death and Taxes”.  200+ years have passed and nothing has changed.

It’s hard to believe that another April 15th is upon us.  It seems like just last week it was New Year’s Day.  And now, just like that, it’s tax time…

But, as you know, we cover this every year… the golden tax rule of HSA funding is…..

“….You have until April 15th, or when you file your taxes, whichever comes first, to fund your HSA for the prior year”.

2014 HSA Contribution Limits:

  • Single Insurance Coverage:  $3,300
  • Family Insurance Coverage:  $6,550
  • Add in an additional $1,000 catch-up if the account holder is 55 or older.

Whew, that being said, it is time to get on it!  If you are going to fund for 2014, you need to get that money into your account soon!

The best way to fund is to send a check to our office, clearly defining the year you want the money applied.  Use our deposit slip and remember, the envelope needs to be postmarked April 15th, and no later.  So get to the post office early!

You can also go to our website and click on Fund My Account.  This will take you to our secure funding webpage.  Once again, be sure to let us know what year you are funding.

If you don’t want to use our website, and long for that human touch, pick up the phone and give us a call at 1-800-914-3248.  One of our helpful HSA specialists will take your information and process your credit card over the phone.  Then you can get your tax filing taken care of.

It’s easy as apple pie!

Blog Written By: Robin Vankleek


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Posted by HSA Admin at 4/1/2015 10:01:00 PM
Monday, December 22, 2014

Twas the week before New Years
and all through the land
we were bundled up dreaming
of our toes in warm sand…

The tax files were filed,
piled high on our desk,
in hopes that when tax time arrived
we’d  be up to the test.

The tax deduction papers were filed with great care,
showing receipts to charity, medical…
and lastly… home repair.

While on the horizon tax time was looming…

Father snoozed comfortably in his big chair,
with visions of tax breaks…
that all seemed so fair.

As he snored he dreamed of his list of deductions,
and checked off each one…
with great care and comfort.

First were the kids,
Three, Two and One…
then Goodwill, the mission, the food bank
just to name some.

His papers and files,
all neat and clean,
Would make the taxman happy
and not at all mean.

Deductions, deductions
danced about in his mind
there were so many of them,
but did he leave one behind?

His eyes, they flew open!
He smiled a big smile….
there was one last deduction,
it had been there all the while.

Father’s health savings account had fattened each year,
and gave him that tax break he held so dear.
He got his deduction and saved on his taxes.
He got piece of mind and great satisfaction.

Raising Three, Two, and One could be quite a fright,
kids will be kids and oh what a sight!
Accidents, colds and flu, they all happen,
Paying from his HSA gave him great satisfaction.

Like a security blanket keeping them all safe and warm
the HSA dollars kept them safe from the storm.
All of their medical bills will be paid tax-free
For Father, Mother and Kids One, Two and Three.

Blog Written By: Robin Vankleek

Images Courtesy of: Robin Vankleek


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Posted by HSA Admin at 12/22/2014 6:03:00 PM
Thursday, March 21, 2013

The IRS requires all health savings account holders to file IRS Form 8889 with their tax return.  In addition, their HSA administrator is required to send all account holders forms 1099-SA and 5498-SA, though these forms don’t need to be submitted with your taxes…so what are they for?

HSA Tax Help

It’s safe to say that sometimes all these forms can be a little confusing, and the wording can quickly get rather convoluted.  Just the thought of filing your taxes in the first place can leave you feeling overwhelmed, especially with additional provisions like health savings accounts that require some extra paperwork.  With all of that in mind, we would like to help you out by breaking down or ‘decoding’ a couple of these forms, the 1099-SA and the 5498-SA as pictured below.

IRS Form 1099-SA IRS Form 5498-SA

 

Distributions – IRS Form 1099-SA
 
The 1099-SA reports all withdrawals (distributions) from your HSA during the tax year indicated on the form.  This form is mailed to you and filed with the IRS in January of each year.  It does not need to be sent to the IRS with your taxes, but it does need to be kept with your tax records. 
 
Box 1:  Total money withdrawn from your account.  This money may have been payable to a medical provider or to you.
 
IRS Form 1099-SA Box 1
 
Box 2:  Interest earned on any deposit that was made in excess of what the IRS allows and was withdrawn before the due date of your income tax return. 
 
IRS Form 1099-SA Box 2
 
Box 3:  Identifies the type of withdrawals you made during the year. 

Codes:
                                1 – Normal distribution
                                2 – Excess contributions that were withdrawn
                                3 – Disability
                                4 – Death distribution to estate
                                5 – Prohibited transactions
                                6 – Death distribution after year of death to someone other than spouse or estate
 
You will receive a separate 1099-SA for each distribution code that applies to you.
 
IRS Form 1099-SA Box 3
 
 
Box 4:  Fair market value of account at time of account holder’s death.
 
IRS Form 1099-SA Box 4
 
Contributions – IRS Form 5498-SA
 
The 5498-SA reports all contributions made to your HSA during the tax year indicated on the form, as well as contributions made from January 1st - April 15th of the current calendar year that were applied to the tax year indicated on the form.  This form is mailed to you and filed with the IRS in May of each year. It does not need to be sent to the IRS with your taxes, but it does need to be kept with your tax records.
 
Box 1:  If you have an MSA, this box shows the total deposit made into the MSA for the tax year indicated on the form (includes deposits made between January 1st - April 15th of the current calendar year).
 
IRS Form 5498-SA Box 1
 
Box 2:  Total Contributions made to your HSA during the tax year indicated on the form.  This will also include any contributions made during that tax year for any prior tax year, and any contributions made through an IRA.
 
IRS Form 5498-SA Box 2
 
Box 3:  Contributions made from January 1st - April 15th of the current calendar year that were applied to the tax year indicated on the form.
 
IRS Form 5498-SA Box 3
 
Box 4:  Deposits made into your account as a result of a rollover of funds from an MSA or an HSA.  These amounts are not included in any of the first three boxes.
 
IRS Form 5498-SA Box 4
 
Box 5:  Fair market value of your HSA or MSA on December 31st of the tax year indicated on the form. 
 
IRS Form 5498-SA Box 5
 
1099-SA’s are issued in January summarizing the prior years HSA withdrawals (qualified or not) and 5498-SA’s are issued in May of each year summarizing total HSA deposits for the prior year.  You have until April 15th or before you file your taxes, which ever comes first, to contribute to an HSA for the prior year.
 
HSA Tax Help
 
Hopefully this article helped to clear up some of the confusion with these two forms!  If you’re still feeling a little puzzled or have a question about something we didn’t address, please feel free to contact us and ask!  We’d love to help.  You can visit our website at www.AmericanHealthValue.com, or give us call at 800-914-3248.  We look forward to hearing from you.

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Posted by HSA Admin at 3/21/2013 9:06:00 PM
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