Don't Forget these important items if you have an HSA when filing your taxes

Tax filing time is quickly coming upon us.?Omega wants to remind everyone about some important tips and reminders regarding your HSA (Health Savings Account)

1. Make sure your W-2 form shows HSA payroll contributions??Remember, only contributions made through payroll will show up on your W-2 any “ad hoc” contributions you might have made will need to be added to your tax return.?

2. Make sure you have access to your HSA tax forms.?A?1099-SA?is the HSA tax form that reports distributions from your account. You'll need this form when filing your taxes.?There’s another form, a?5498-SA?reports contributions. It’s a little different from your W-2 because it’ll show any contributions – not just those made through payroll deductions. HSA administrators?have until May 31, 2023?to issue Form 5498-SA to HSA participants. This form is not a requirement when filing taxes.

3. Prepare to report distributions and contributions using tax Form 8889.?Form 8889?is used to report any distributions from and contributions to your health savings account. ??Any distribution amounts reflected on your Form 1099-SA need to be reported on this form, where you’ll also indicate which distributions were eligible for medical expenses. And any contributions made to your HSA should also be listed on this form – you’ll then carry that information over as deduction information on your?Form 1040?(or the main tax form you fill out and file for your tax return).

If applicable, both 5498-SA and 1099-SA forms are available on your Omega portal