HSA Tax Information

Key Takeaway

As an HSA owner there are some important things they should be aware of as you prepare to file your income taxes.

Form 1099-SA

HSA custodians must file Form 1099-SA with the IRS by January 31, 2023, to report the total distributions paid from an HSA in 2022. If a distribution was taken between January 1, 2022, and December 31, 2022, Alerus Financial, N.A. (custodian) will file Form 1099-SA on the account holder’s behalf.

Form 1099-SA reflects total distributions paid from an HSA in 2022, including checks or direct deposits issued to the participant, as well as any HSA debit card purchases. This form will be available online at alerusrb.com and in the Alerus Benefits mobile app by January 10, 2023.

Form 5498-SA

Form 5498-SA reports each HSA owner’s total contributions for a given tax year, as well as the fair market value of their HSA as of the end of the year. Form 5498-SA will be available online at alerusrb.com and in the Alerus Benefits mobile app no later than January 31, 2023. Form 5498-SA is for informational purposes only and is not part of the HSA owner’s personal income tax filing.

If you would like to receive notification when the forms are available, log into your HSA account, select Message Center, and choose Update Notification Preferences. Notification preferences must be updated prior to the forms becoming available to receive notifications.