Tax Advantage Accounts
Life Events FAQs
Defined Benefit Plans
If you had a HSA in 2015, you will need to include
certain information on your 2015 Federal income tax filing. The deadline for filing FSA claims is March 31.
(Health Care FSA, Limited Purpose and Dependent Care FSA)
If you had a Flexible Spending Account in 2015 the deadline to file claims is March 31, 2016. Claims can be filed online, submitted via fax or mailed to PayFlex.
View Claim Form
NOTE: If you were reimbursed for an expense through your Flexible Spending Account in 2015 and have not submitted requested substantiation documentation you must do so by March 31, 2016. If you unable to provide proof that you have used your health care FSA for eligible expenses, the IRS considers your reimbursements as taxable. Foundations will be required to impute the dollars of any unsubstantiated claim(s) and report it as taxable earnings on your 2016 W-2.
View Additional Claim Substantiation Information
If you had a Health Savings Account (HSA) in 2015, you will need to include certain information on your Federal income tax filing.
IRS Forms 1040 and 8889 You will need to report HSA contributions and distributions on Federal Form 8889. After you have completed Form 8889, you report the calculated deduction as adjusted gross income on Form 1040.
View 8889 Instructions
View 8889 Form
IRS Form 5498-SA - contributions You will receive Form 5498-SA from your HSA custodian showing previous year contributions. You will need to report this amount on Form 8889. Visit the IRS web site for more information about Form 5498-SA. (www.irs.gov)
IRS Form 1099-SA - Withdrawals You will receive Form 1099-SA from your HSA custodian, reflecting withdrawals from your account from the previous year. You need to report this amount on Form 8889. Any distributions must be for a qualified health cost in order to be non-taxable (See IRS publication 502). You should keep all receipts for eligible expenses corresponding to HSA withdrawals with your tax records. Visit the IRS web site for more information about Form 1099-SA. (www.irs.gov) If you contributed more than the maximum or made withdrawals for non-qualified expenses, those funds may be subject to taxation or penalties. Please see your tax advisor if you have any questions. This article is informational only and is not intended to be Federal tax advice. State income tax rules for HSAs vary. Please refer to your tax specialist or state laws and forms for instructions on how to file.