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I am a bit confused. I was told by a tax professional on

Customer Question
this site that I have...
I am a bit confused. I was told by a tax professional on this site that I have until 4/15/16 to contribute to my HSA for 2015. However, I got an email today from my HSA custodian stating that my 2015 1099-SA was available online. If they have already produced it (and presumably will send it to the IRS very soon) does that mean I've missed the opportunity to contribute any more money for 2015?
Submitted: 1 year ago.Category: Tax
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1/1/2016
Tax Professional: Angie, Tax Preparer replied 1 year ago
Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
Experience: Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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Hi! I am happy to help you! The 1099-SA reports distributions only from your HSA for tax year 2015. Your tax professional is correct in that you have until April 15 (18th this year) to make contributions for 2015. The contributions are reported on a different form 5498-SA.

I hope this helps!

If this answers your question, please rate the service I provided, as this is how I receive compensation for helping you. If you have additional questions or concerns please feel free to respond.

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Customer reply replied 1 year ago

OK thank you. Now I get it.

Another question: lets say I file my 2015 fed & California tax returns on Feb 1, 2016 and by the end of January, 2016 I have contributed $2,000 to my HSA. And let's say on those tax returns I state that my 2015 HSA contribution is $3,000 and I contribute the other $1,000 on say April 1st. Is that OK?

My understanding is that I CAN do this and it will NOT hold up my tax return from being processed and nor will it hold up my fed and state refunds. I ask because I'm expecting sizeable refunds this year and I would hate to file in mid February and have to wait until early May to receive the refunds because the fed and state were waiting to receive the 5498-SA in the second half of April.

I'm assuming 5498-SA's are sent out after 4/15 by the way?

Tax Professional: Angie, Tax Preparer replied 1 year ago

Yes.... that is correct, however if you fail to make the additional deposit,you will receive notices from the IRS and State indicating your taxable income is more than reported. Sometimes it can take up to 6 months or more to get those notices.

You are correct about the 5498-SA's, however if you know the contribution amount, you do not need to have this form to file your taxes.

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