What tax form shows HSA contributions?

IRS Form 5498-SA provides you with all the contributions made to your Health Savings Account in that tax year. This information is used to complete IRS Form 8889. For more information about your HSA tax forms, view Tax Time 101.

How do I show my HSA on my taxes?

File Form 8889 to: Report health savings account (HSA) contributions (including those made on your behalf and employer contributions). Figure your HSA deduction. Report distributions from HSAs.

Do HSA contributions show up on w2?

To report your HSA contributions on your tax return, you will need a copy of your W-2 for the total pretax contributions made by you through payroll or by your employer. This can be found in box 12, code W of your W-2.

How do I report after tax HSA contributions?

After-tax HSA contributions are deductible from your income, that’s the whole point of an HSA. You take the deduction using form 8889 (which combines all your employer, payroll and after-tax contributions) and you get the deduction for after tax contributions on line 25 of form 1040.

Where do HSA contributions go on 1040?

You’ll include your HSA deduction on Form 1040 Schedule 1, a common form used to adjust income.

Where do I find my HSA contributions?

In most cases, your HSA contribution is reported in Box 12 of your W-2 with the code W (Company Contributions to Health Savings Account).

Do I claim HSA on my taxes?

A health savings account (HSA) is a tax-advantaged savings account available to people enrolled in a high-deductible health plan. The money deposited into the HSA is not subject to federal income tax at the time the deposit is made. Distributions used to pay for qualified medical expenses are tax-free.

How do I find my HSA contributions on my W-2?

In most cases, your HSA contribution is reported in Box 12 of your W-2 with the code W (Company Contributions to Health Savings Account). Tip: Code W actually reports the combined contribution – yours plus your employer’s.

Which box on W-2 shows HSA contributions?

Box 12
HSA contributions on a W-2 will be listed in Box 12 as code W. If you only contributed to your HSA via payroll deductions, then entry of the W-2 form is all you need to enter.

Can I put after tax money in my HSA?

Funds contributed to an HSA are triple-tax-advantaged. Money goes in tax-free. You can also contribute to your HSA post-tax and recognize the same tax savings by claiming the deduction when filing your annual taxes. Money comes out tax-free.

How do I deduct HSA contributions on 1040?

When you make your own HSA contributions (as opposed to using your employer’s salary reduction arrangement) you make the contributions during the year with after-tax money, and then you get to deduct your contributions on your tax return (line 25 on Form 1040), regardless of whether you itemize deductions or take the …

How do you report HSA contributions?

If you have a health savings account (HSA), you must report both contributions to it and distributions from it to the Internal Revenue Service (IRS). You, as the account holder, need to report contributions to and distributions from HSAs on IRS Form 8889 and attached it to Form 1040.

How to remove an excess HSA contribution?

Again, you need to remove excess contributions (and any earnings) from your HSA before the tax filing deadline, and doing so creates a distribution from your HSA . To actually remove the excess contribution , you need to go to the website of your HSA custodian and create a distribution for the excess contribution .

When are HSA distributions taxable?

What you use the funds for does not matter. All HSA distributions after age 65 are penalty free, even if the funds are not used for qualified health expenses. However, if you take a distribution that is not used for qualified medical expenses, it will be taxable.

Is HSA distribution taxable income?

The HSA is like a traditional IRA account, in that contributions are deductible and the money can grow tax-free. Note, however, that some states do tax earnings on HSA investments. HSA distributions are also not taxed if they are used to pay for qualified medical expenses.