Got an HSA? What to Know Before You File

If you have a Health Savings Account (HSA), be ready to report any of the following activities when you complete your 2016 income tax return:

  • HSA contributions (Rockwell Automation’s and yours)
  • HSA distributions (qualified and non-qualified)
  • Contributions over the IRS limit

Here’s a quick look at the forms you’ll need, how you’ll get them and what to do.

Tax Form From Rockwell Automation

  • W-2 Form: The company contribution and your payroll contributions, if any, are in Box 12. You must provide a copy of this form—either a hard copy or electronic copy—with your federal, state and local income tax returns.

Tax Forms You Receive From HealthEquity

  • IRS Form 5498-SA: All contributions made to your account are noted here. This includes contributions from both you and Rockwell Automation. HealthEquity must report these contributions to the IRS and to you on this form. Any amounts reported on this form should agree with what you report on your tax form.
  • IRS Form 1099-SA: Your HSA distributions are noted here. If you didn’t take any distributions, you won’t receive this form. Note: If your 1099-SA indicates you did not use the distribution for qualified medical expenses, you will pay income tax on the portion you used for unqualified expenses.

Tax Forms You Can Get From the IRS

  • Form 8889: You must file Form 8889 if you (or your spouse, if married and file a joint return) had any activity in your HSA during the year—including any contributions from Rockwell Automation.
  • Form 5329: Use this form to report excess HSA contributions, if any. Filling out this form will help you determine if you made any contributions or distributions that might be outside the allowable limits for your HSA. If you have had a life event, such as a divorce, this form is a good worksheet for calculating whether your change in coverage caused any additional tax liabilities. If this form shows that you owe any tax or penalties on non-qualified distributions or excess contributions, you must file this form with your return.

Remember, your HSA is triple-tax advantaged. In most cases, you don’t pay taxes on your contributions, money you use to pay eligible expenses or any interest. But that does mean a few extra forms come tax time. If you have questions, please consult your tax advisor. If you need additional forms, please contact Rockwell Automation, HealthEquity or the IRS as outlined above.