Contribution Deadline
Remember you can still contribute to your HSA for the 2023 tax year until the tax filing deadline. You have several options to make contributions: deposit online through your HSACentral.net account or mail the contribution form.
Contribution Limits
Familiarize yourself with the contribution limits for 2023:
- $3,850 for individual coverage
- $7,750 for family coverage
- If you're age 55 or older, you're eligible for an additional catch-up contribution of up to $1,000.
It's crucial not to exceed these limits, as doing so can result in tax penalties.
Accessing Tax Documents
View and download your tax documents promptly. You can access these documents by logging in to your account at HSACentral.net or through the HSA Central Mobile App. Keep an eye out for two essential forms:
- Form 5498-SA: This form is for contributions. It provides information about the contributions made to your HSA during the tax year. If you added funds to your account, you'll receive this form.
- Form 1099-SA: This form is for distributions. It reports any withdrawals or spending from your HSA. If you used funds from your account, you will receive this form.
Reporting Contributions and Distributions
When filing your taxes, it's crucial to report both contributions and distributions accurately. Use Form 8889 to report HSA contributions and calculate your deduction, if applicable. Additionally, ensure that you include this information on Form 1040.
Seeking Assistance
If you find yourself needing assistance or have questions about your HSA, don't hesitate to reach out. You can contact the HSA Central team at 833.232.4676.
By following this checklist, you can streamline the process of preparing your taxes and ensure that you're maximizing your HSA benefits. Remember, proper documentation and adherence to contribution limits are key to avoiding any potential tax pitfalls. Stay informed, stay organized, and make the most of your HSA for a financially secure future.
We're happy to provide tax help. For official tax advice, please consult your tax advisor.