Second any money you take out of your account to pay for qualified medical expenses is also income tax free. With your HSA you can save on taxes 3 different ways.įirst contributions to your HSA go in income tax free. It’s easy with your OPTUMBank® Health Savings Account or HSA. Headline: Tax Time and an HSA video transcript IRS form 8889 is the form you fill out and submit with your tax return.IRS form 5498-SA shows the amount of money deposited into your HSA for the tax year.IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year. You can find IRS tax form 8889 in the "Statements & Docs" section after signing in to your account. Form 8889 is the only one you need to submit with your taxes. Please use the information in your 1099-SA form, available online, to fill out IRS tax form 8889. Q: Which forms do I need to file my taxes?Ī: There are 3 tax forms associated with health savings accounts (HSAs): IRS Form 1099-SA, 5498-SA and IRS Form 8889. Interest you may earn on your HSA grows income tax-free. Money you take out of your HSA to pay for qualified medical expenses is tax-free. For example, if you are in the 28% tax bracket and deposit $3,000 into your HSA, you could save $840 in federal income taxes. Q: How do I obtain a copy of my tax forms?Ī: You can get copies of your most recent tax forms by signing in to your account online and viewing the "Statements and Tax Docs" section.Ī: The money you contribute to your HSA is tax-deductible up to the annual contribution limit. Please seek additional information from the IRS or your tax advisor.Ĭlick here for more information on the annual contribution limits. Certain states or areas of the country may have additional time due to local holidays or natural disaster extensions. Q: What is the HSA contribution deadline?Ī: The HSA contribution deadline is the same date as the tax filing deadline for that plan year, typically April 15. Use code OPTHSA5 with your HSA to receive a 5% discount. You can save even more shopping at Optum Store. Click here to browse qualified medical expenses you can buy with your HSA. The 30% savings compares using pre-tax income in your HSA to using after-tax income out of pocket for purchases. Q: How do I save up to 30% on qualified medical expenses?Ī: You can use your pre-taxed HSA dollars to cover thousands of expenses like doctor visits, cold medicine, first aid kits, sunscreen, prescription refills and more. Plus, you could save up to 30% when you use your HSA for qualified expenses since you're using pre-tax HSA dollars.* It’s a win-win to save on health costs today, tomorrow and even through retirement. Q: What are the tax benefits of contributing to an HSA?Ī: An HSA provides triple tax savings - contributions are not taxed, account growth through interest and investment earnings are not taxed, and withdrawals for qualified medical expenses are income tax-free.
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