a client of mine wants to set up a HSA account. he has an s-corp. I was wondering if someone could explain to me what needs to be done. I know he has to get high deductable plan but other than that i have not had a client set up and HSA. i am unfamiliar how to reports. also, are the criteria the same for self employed individuals?
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I've had clients set up the HD plan with their health insurance company and use their suggested bank to set up the HSA and report to the client at the end of the year the Forms 5498-SA and 1099-SA. One client's paperwork I have in front of me used ACS/BNY Mellon the HSA solution; their statement says For questions go to www.anthem.com or call 888-224-4896.Last edited by Lion; 09-25-2012, 05:19 PM. -
a bank
All of my clients that have a Health Savings Account use a local bank. The bank provides the annual tax statements showing contributions and disbursements. I don't usually see the monthly statements, but the bank usually charges a monthly fee for maintaining the account (maybe $3 to $5 a month). The account might earn interest (that was the intent) but the interest rate is so low now, there are little earnings (not taxable).Comment
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