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Tax Information

Forms Needed for the 2009 Tax Season

Forms sent from The Bancorp Bank

  • HSA Summary Statement to be mailed late January
  • 1099-SA to be mailed late January
  • 5498-SA to be mailed late May

Forms for filing your 2009 taxes with the IRS:

  • 1040 or 1040NR
  • Form 8889 - You can obtain this form from www.irs.gov

Forms from your Employer:

  • W2

What is Found on each Form

Summary Statement from The Bancorp Bank Your 2009 Summary Statement provides you with a snapshot of contribution and distribution totals of your Health Savings Account for the year for transactions that occurred between January 1, 2009 and December 31, 2009. Deposits made between January 1, 2010 and April 15, 2010 for tax year 2009 are not included. This statement is in addition to the official IRS reported 1099-SA and 5498-SA that you will receive in the mail. This statement will assist you in filing your taxes.

IRS Form 1099-SA is sent directly to you by January 31st and is reported to the IRS by February 28th. This form provides you with the distributions that were made from your HSA. You may receive more than one 1099-SA for each type of distribution you had in that tax year. The five types of distributions are normal, excess contribution, removal, death, disability and prohibited transaction.

IRS Form 5498-SA is sent directly to you May 31st and an additional copy is sent directly to the IRS on your behalf. This form provides you with the contributions that were made to your HSA. Rollover amounts and year-end fair market value are also reported on this form. This form is not sent until after April 15th to allow for any additional contributions applied to the previous year.

IRS Form 8889 This form is available to download from www.irs.gov. You must file this form along with Form 1040 or 1040NR. The purpose of this form is to help you report Health Savings Account contributions including those made on your behalf through employer contributions; figure your HSA deduction; report distributions; and figure amounts you must include as income and additional tax you may owe if you fail to be an eligible individual.
You must file this form if: You or someone on your behalf, including your employer made contributions for 2009 to your HSA; You received HSA distributions in 2009; You must include amounts as income because you failed to be an eligible individual during the testing period; and/or You acquired an interest in an HSA because of the death of the account beneficiary.

Please view these tax form PDFs and helpful notes

1099-SA PDF

5498-SA PDF

Summary Statement PDF

Tips and Important Tax information:

Contributions

During 2010 Tax Year:
You can continue to make 2009 HSA contributions until April 15, 2010, provided you have not met or exceeded your annual contribution limit (including catch-up contributions if applicable). If you decide to send in a contribution and would like it applied to the previous year, you may write "2009 Contribution" in the memo section of your check. The deposit must be post-dated no later than April 15, 2010.
Electronic deposits made by Wire Transfer, ACH (Automated Clearing House), or using our EMoneyMover service made by April 15, 2010 require that you contact the bank after funds have credited to your account so that they can be re-coded for 2009. Electronic deposits must be received and posted no later than April 15, 2010.

Catch Up Contributions:
Keep in mind you can also make an additional catch-up contribution of $1,000 if you are over the age of 55, and have not yet enrolled in Medicare. Please note: Only one-catch up contribution is permitted per account. You can go online at any time to check your 2009 contribution totals.

Excess Contributions:
If the bank reported a 2009 excess contribution but a correction was made and was refunded prior to December 31, 2009 it will be reported on the 1099-SA that is generated by January 31, 2010.
If the excess contribution correction was reported and corrected after January 1, 2010 it will be reflected on the 1099-SA that you will receive in January 2011. THIS WILL NOT CHANGE THE 5498-SA.

Distributions

If you would like to ensure your HSA distributions met the IRS Guidelines and were considered an allowable expense you may check IRS Publication 502 - Qualified Medical Expenses

Reimbursements:
Hold onto receipts for out of pocket payments made to your Healthcare Providers. If you have or will be reimbursing yourself from the HSA, the IRS may need to view these receipts in case of an audit.

You may reimburse yourself through the HSA with the checks we provide or by using your HSA debit card.