Tax and Filing Requirements

What information must be filed with the IRS?

As custodian, each year UMB will send the IRS and you a form showing the HSA’s valuation as of December 31, and a report of the contributions to your HSA for the prior year.

Unless UMB receives a certification from you that a contribution is a roll over contribution or receives a trustee-to-trustee transfer from another custodian, all contributions will be reported as tax-deductible contributions made by you on Form 5498SA. Distributions will be reported by UMB on Form 1099SA. If you do not have any distributions for the tax year you will not receive a Form 1099SA.

Unless you provide written notice to the contrary, 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 your disability
  • distributions following your death
  • prohibited transactions.

If a distribution falls within one of these exceptions, you must provide written notification to UMB within seven days following such distribution.

Click here for more information on HSA tax treatment and HSA tax filing requirements.

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