Health Savings Accounts
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Tax Reporting
- Millennium Trust, as your HSA custodian, must report annually all distributions
on
IRS Form 1099-SA and all contributions on IRS Form 5498-SA.
- The Custodian is not required to determine whether distributions are used for qualified medical expenses; this is your responsibility.
- You must report on your annual tax return the amount of all distributions used for qualified medical expenses.
- There may be additional reporting, for excess contributions for instance, if applicable.
1099-SA Form– Reflects all distributions from your account. Our banking relationship will send Form 1099-SA to the IRS and will send a copy to you no later than January 31 of each year, if you had distributions in the previous tax year. You should file the 1099-SA with your IRS Form 1040 along with either Form 8853 or Form 8889.
5498-SA Form– Reflects all contributions made to your account. Our banking relationship will send Form 5498-SA to the IRS and will send a copy to you no later than May 31 of each year, if you had contributions the previous tax year and/or your HSA had market value on the last day of the previous tax year.
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