What information is provided by UMB to help accountholder tax filings?
As custodian, each year UMB will send the IRS and the accountholder information related to the contributions to an HSA and the distributions from an HSA. Accountholders also receive quarterly paper statements which illustrate the activity for the quarter (or monthly online statements if so selected by the accountholder).
Note: Unless written notice to the contrary is provided, UMB will conclusively assume that any distribution, whether by check, debit card or otherwise, will be considered "normal distributions" for purposes of tax reporting. Normal distributions include distributions for qualified medical expenses, and expressly exclude the following:
- Return of excess contributions.
- Distributions following the accountholder’s disability.
- Distributions following the accountholder’s death.
- Prohibited transactions.
If a distribution falls within one of these exceptions, the accountholder must provide written notification to UMB.