Tax Form 1099-SA & 5498-SA for HSA Distributions & Contributions

𝗛𝗦𝗔 = Health Savings Account Tax Example Explained
See how HSA contributions and withdrawals show up on your tax return step by step. Using “Jane’s” example:
⦿ Employer added $1,000 pre-tax to her HSA; she added $1,500 after tax.
⦿ Contributions are reported on Form 5498-SA and deducted on Form 8889 to lower taxable income.
⦿ Withdrawals are reported on Form 1099-SA — $400 was for qualified expenses (tax-free), $100 for non-qualified (taxable + 20% penalty).
⦿ The non-qualified amount increases income on Form 1040, and the penalty shows as additional tax.
⦿ Together, her adjusted gross income dropped and she still received a refund after withholdings.

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⦿ IRS Publication 969 – Health Savings Accounts & Other Tax-Favored Health Plans: https://www.irs.gov/publications/p969
⦿ Fidelity – HSA vs FSA Comparison: https://www.fidelity.com/learning-center/smart-money/hsa-vs-fsa
⦿ Bank of America – Triple Tax Savings Advantage: https://healthaccounts.bankofamerica.com/en/triple-tax-savings-advantage

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This video is for information and educational purposes only. It is not tax, legal, or financial advice. Please consult a qualified professional for advice specific to your situation.

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Видео Tax Form 1099-SA & 5498-SA for HSA Distributions & Contributions канала Tax, Life & Finances