Tax Forms FAQs
1099-SA and 5498-SA Tax Forms
Below are frequently asked questions regarding the tax forms Bank of America Benefit Solutions sends each year to account holders.
What is a 1099-SA Tax Form?
The 1099-SA Tax Form reports to the IRS the employee's total amount of distributions taken/received during the tax year. This includes debit card transactions, provider payments and any reimbursements that were made to the employee for out-of-pocket qualified medical expenses which were incurred during the year. Any excess contributions and/or earnings on excess contributions that were returned to to the employee during the tax year will also be included on the 1099-SA.
Does the 1099-SA form need to be filed with federal income taxes?
No, this report is sent to the account holder by Bank of America Benefit Solutions as required for HSA custodians. This form should be kept for the account holder's own records.
When is the1099-SA Tax Form mailed?
This report is mailed in January and should be received by the end of January or early February each year. It is to be kept for the account holder's own records.
Why does the 1099-SA form list distributions and not contributions?
There are two tax reports are sent annually from Bank of America, the HSA custodian. The first report, the 1099SA, shows the total distributions from the account holder's HSA for the tax year.
The second report, the 5498SA, shows the total contributions made to the HSA for that tax year. The 1099SA report is mailed in late January, and the 5498SA report is mailed in mid-May each year.