HSA and Form 5498 SA

[susieq]

I have had a couple of tp's this year who have received these forms. Please clue me in on what and how we are reporting this. Are the contributions an adjustment to income? Do you reduce the contributions by the amount paid out on the tp's behalf ?

Doing one right now where the employer put in $750 as did the tp. The tp then put in an additional $850. The $1550. is shown on his W-2 in box 14.

The 5498-SA coming from the administrator says contributions of $2300 with a FMV of $667. What amounts are penalized 10%?

Also need the annual deductible amount on the policy.

Thanks

[LawrenceGR]

Hsa

It sounds like this is your first HSA. You should get a 1099SA from the trustee of the HSA account, this will show all disburstments. The W-2 isn't always right as far as how much the TP contributed, I find it works better to look at the last paystub. The bottom line is that all disburstment should add up the total amount spent for health care, as long as that happens none of the disburstments are taxable. The TP is allowed to deduct his contribution above the line. I hope this helps, open up a 1099-SA worksheet in your software and it will help.