The Internal Revenue Service (IRS) requires the bank/financial institution that administers our HSA accounts to issue IRS Form 1099-SA if you took a distribution from your HSA during the previous tax year. These forms are mailed directly by the bank/financial institution to our domestic medical insurance participants.
We’ve provided descriptions of some of the fields on the form below.
Box 1 – Gross distribution. This box shows the total amount distributed from the account during the tax year shown on the form.
Box 2 – Earnings on excess contributions. This box shows the earnings on any excess contributions distributed from the HSA by the due date of the income tax return.
Box 3 – Distribution code. This code identifies the type of distribution that occurred. Please see the reverse side of your IRS Form 1099-SA for official IRS code definitions.
Box 5 – HSA. This box shows the type of account that is reported on this IRS Form 1099-SA.
The Internal Revenue Service (IRS) requires the bank/financial institution that administers our HSA accounts to issue IRS Form 5498-SA to anyone who maintained a HSA account during the previous tax year. These forms are mailed directly by the bank/financial institution to our domestic medical insurance participants.
We’ve provided descriptions of some of the fields on the form below.
Box 2 – Total Contributions. This box shows the total amount contributed into the HSA account during the tax year shown on the form.
Box 5 – Fair Market Value of Account. This box shows the fair market value of the account as of December 31st of the tax year being reported.
Box 6 – HSA. This box shows the type of account that is reported on this IRS Form 5498-SA.
If you are audited by the IRS, you may be asked to provide receipts for Qualified Medical Expenses paid using your distributions from your HSA account.
Qualified medical expenses, as defined by the Internal Revenue Code, generally include:
• Most medical care and services
• Dental and vision care
• Prescription drugs and some over-the-counter drugs that are not covered by insurance or otherwise
Medical insurance premiums are generally not considered qualified medical expenses; however, premiums paid for COBRA continuation coverage, qualified long-term care insurance (subject to certain limitations), and Medicare premiums are considered qualified medical expenses.
For more details about qualified medical expenses, please refer to IRS Publications 969 and 502 or consult a tax professional.
For 1099-SA / 5498-SA forms covering January 1 - November 13th 2017: Bank of America's HSA help line is 1-866-791-0250.
For 1099-SA 5498-SA forms covering November 14 - December 31th 2017: Highmark's helpline 1-866-474-0924 (Acclaris doesn't have a direct customer service phone number to call - you'll need to contact Highmark. Highmark can help you register to access your HSA account online and then they can access your form to send you or they can assist you in how to access the form online).
The Highmark website currently only has the Acclaris 1099-SA and 5498-SA form available for the period covering November 14 - December 31th 2017. Relaint has inquired whether or not the bank of America forms will also be available on the Highmark website. We will update this page as we find out more. In the menatime, please watch for mailed copies and call the Bank of America number listed above if you have questions/concerens with your forms. |
