Important Tax Information
This page contains answers to some of the most frequently asked tax questions about Health Savings Accounts. Please visit irs.gov for additional information and resources, including IRS Publication 969, which explains the tax advantages and requirements of an HSA, and access to Form 8889 which is required to be filed with your tax forms if you have an HSA.
Please note: Your tax forms will come from UMB Bank. (UMB Healthcare Services is a division of UMB Bank.) UMB does not provide legal or tax advice. Please consult with a qualified professional with any tax-related questions.
Tax Documents - Frequently Asked Questions
What is UMB’s Tax Identification Number?
- The Tax Identification Number associated with your UMB Healthcare Services HSA will be displayed on your tax forms.
What HSA tax documents will I receive from UMB?
- You may receive both a 1099-SA and 5498-SA
- 1099-SA is used to report any distributions from your Health Savings Account (HSA) during the year. You will only receive this form if you had distributions in the tax year.
- 5498-SA reports all contributions to your HSA for the year. This includes contributions for the prior year which were made in the current calendar year. Per IRS guidelines, you are allowed to make contributions in the current calendar year for the prior tax year until you file your taxes (or tax filing deadline (usually April 15), whichever comes first).
- You must report both distributions and contributions from your HSA on IRS Form 8889. Please speak with your tax advisor if you need help preparing IRS Form 8889.
When will I receive the 1099-SA and the 5498-SA?
- Mailed by January 31 - The 1099-SA form will be mailed only if you had distributions in the tax year. Per IRS requirements, it will be mailed by the end of January. This information is also available by logging into the member website.
- Mailed by May 31 - Per IRS requirements, the 5498-SA form is issued by end of May. This allows for reporting of any contributions made after December 31, but prior to tax filing. You do not need to receive this form to properly report your HSA contributions on your tax filing. Note: If you did not have any contribution activity for the year, or a balance as of December 31 (Fair Market Value), you will not receive Form 5498-SA.
When do I need to file Form 8889?
- IRS Form 8889 must be filed if any of the following apply:
- You (or someone on your behalf, including your employer) made contributions for the tax reporting year to your HSA.
- You received HSA distributions in the tax reporting year.
- You must include certain amounts in income because you failed to be an eligible individual during the testing period.
- You acquired an interest in an HSA because of the death of the accountholder.
Since form 5498-SA will not be sent until May, how can I determine my contributions?
- You can access your contributions by logging into the member website. If you contribute through employer payroll deduction, your employer’s W-2 will also report your contributions in Box 12. Please note that any post-tax contribution made to your HSA must be included as well as payroll contributions reported on the W-2.
Why does form 5498-SA get issued/sent in May?
- Form 5498-SA is issued in May so that any contributions for the prior tax year, but made in the current calendar year can be included. You have until the tax filing deadline to make contributions for the prior tax year.
How will I receive my tax documents?
- Your official tax forms will be mailed to the mailing address UMB has on file for your HSA. The tax information, but not the actual form, is also available by logging into the member website.
What do I do with the 1099-SA and 5498-SA tax reporting forms I receive from UMB?
- After you receive these forms you should verify that the information you entered on IRS Form 8889 matches the information reported on these forms and then store with your other tax documents. These forms are not attached to your personal tax return. Note: Make sure to account for any prior year contributions you plan to make when completing your Form 8889 (see information about Contributions). If you do not include these contributions, there could be a discrepancy between what you enter on your tax return and the information UMB reports to the IRS and you on Form 5498-SA., as UMB includes all prior year contributions received through the first tax filing deadline. If this applies to you, contact your tax advisor to find out if you are required to file an amended return.
Where can I find the tax information on the member site?
- Tax information is available by logging into the member website.
What is the information included on form 1099-SA (boxes 1, 2, and 3)?
- Box 1 – Gross Distribution: This box shows the total dollars distributed from the HSA during the tax year.
- Box 2 – Earnings on Excess Contributions: This box shows the earnings on any excess contributions distributed from an HSA by the filing due date of the current income tax return.
- Box 3 – Distribution Code: This code identifies the type of distribution that occurred.
Note: Please see the reverse side of IRS Form 1099-SA for official IRS code definitions. Please visit irs.gov for additional information.
What is the information included on form 5498-SA (boxes 1, 2 and 3)?
- Box 1 – Archer MSA Contributions made in 2017 and 2018 for 2017 (Not common and only used for MSA accounts)
- Box 2 – Total Contributions Made in 2017: This box shows all of the contributions made in the 2017 calendar year, including any 2016 contributions made in 2017.
- Box 3 – Total HSA Contributions Made in 2018 for 2017: This box shows any 2017 contributions that you made from January 1 – April 17, 2018.
Note: Please see the reverse side of IRS Form 5498-SA for official IRS code definitions. Please visit irs.gov for additional information.