With tax filing deadlines approaching, we wanted to take a moment to provide you with the following Health Savings Account (HSA) reminders:
Contributions for Calendar Year 2018
• IRS contribution limits for an HSA for 2018 are $3,450 for single coverage and $6,900 for family coverage with an additional $1,000 catch-up contribution available to Accountholders 55 years of age and older. Now is the time to review your year-to-date contribution totals to make sure you are maximizing your tax savings and that you will not over-contribute to your account.
• If you had changes in your health plan coverage this year, you may need to prorate the contributions based on the months of each type of coverage.
• Individuals may contribute for 2018 until April 15, 2019.
Tax Forms
• Individuals who are participating in a HSA must file a Form 8889. Form 8889 must be filed for any year that you make or receive HSA contributions or any year that you take a HSA distribution.
The following documents will be used to complete Form 8889:
✓ Form 5498-SA from the HSA trustee that reports total contributions made during the year and the value of the HSA at year end.
✓ The HSA trustee will also send Form 1099-SA to you reporting total distributions made for the year, if applicable.
For more information, please click here.
Should you have any questions or need additional information, please contact us.
