How can I maximize my tax savings with a Health Savings Account (HSA)?
With their unique triple tax advantage—tax-free contributions, growth, and distributions for qualified medical expenses—an HSA is not only a smart way to pay for current medical expenses but also an excellent vehicle for retirement planning. Review our article for tips on how to maximize your HSA for tax savings.¹
What is the tax incentive from a personal post-tax contribution?
When you make a post-tax contribution to your HSA, you can deduct the amount contributed from your taxable income when filing your federal income taxes.
If I filed a tax extension, can I contribute after the tax deadline?
No, you cannot make HSA catch-up contributions or regular contributions after the tax filing deadline, even if you have an extension to file your tax return.
Do I have to pay taxes on any HSA investment gains?
No, you do not have to pay taxes on HSA investment gains, as long as the funds remain in the account and are used for qualified medical expenses.² When you distribute funds for Internal Revenue Service (IRS)-qualified medical expenses, both your contributions and the investment earnings are tax-free.
What are the 2025 HSA contribution limits?
Individual Coverage:
$4,300 (this is the total amount you can contribute if you have individual coverage under a high-deductible health plan, or HDHP).
Family Coverage:
$8,550 (this is the total amount you can contribute if you have family coverage under an HDHP).
Catch-Up Contributions (for those 55 or older):
An additional $1,000 can be contributed for individuals aged 55 and older, whether they have individual or family coverage.
How do I manage contributions I've made in excess of the annual contribution limits?
If you've contributed over the annual limit, you may want to withdraw those funds to avoid an excise tax. Review instructions here on the best way to correct excess contributions.
How do I correct an excess contribution made by my employer?
To remove excess pre-tax contributions made through your employer, please speak with your benefits or payroll department. The contributions may need to be removed by your employer by having them complete the 'HSA Employer Contribution Correction Request form.' If your employer is unable to complete this form, please fill out the 'Distribution of Excess HSA Contribution’ form.
How do I calculate my tax savings?
Go to the HSA Contribution Calculator for your tax savings.
How can I manage my statement and tax form preferences?
You can specify your preference for both statements and tax forms to ensure you receive them in your desired format. You can update your tax form delivery preferences here.
Where do I find tax forms for my reimbursement account?
Reimbursement accounts DO NOT have tax statements or forms and are NOT reported when filing taxes. Reimbursement accounts include:
Flexible Spending Accounts (FSA)
Health Care Flexible Spending Accounts (HCFSA)
Limited Purpose Flexible Spending Accounts (LPFSA)
Dependent Care Flexible Spending Accounts (DCFSA)
Health Reimbursement Arrangements (HRA)
Taxable income adjustments are handled by the program sponsor (typically your employer) for these account types.
When are tax forms sent and what types of forms will be available?
HealthEquity sends tax forms by January 31 in your preferred format - through mail or email, and online. Visit the Tax Forms and Statements page right here in the member portal to view your forms. They are also available on the mobile app.
Form 1099-SA is issued if you had any distributions from your HSA. If you did not have any distributions from your HSA, you may not receive a 1099-SA form.
Form 5498-SA reports regular and rollover contributions on Health Savings Accounts (HSAs), as well as the fair market value of your HSA.
Why can't I see my tax forms?
Tax forms will be available by January 31. Statements and tax forms may not display if you have a popup blocker running in your browser. Please disable popup blockers for this page for your statement to display properly.
Why don’t I have a 1099-SA in my account?
Form 1099-SA will only be available if you had payments or distributions from your HSA during that tax year.
Can I still contribute for 2025?
You can make contributions through the tax filing deadline, or the time you file your return, whichever comes first.
What if I contribute between January 1 and the tax deadline for the 2025 tax year?
If you make further contributions to your account for 2025 prior to the tax deadline, HealthEquity will issue you a corrected 5498-SA by May 31, 2026.
What if some of my expenses aren’t qualified?
To avoid penalties or taxes, submit a Mistaken HSA Distribution Form to return funds to your HSA for non-qualified expenses no later than the tax deadline.
What is the difference between Pre-tax and Post-tax contributions?
Pre-tax contributions typically come from your payroll deductions if you contribute through your employer’s HSA program. These contributions are made before taxes are withheld, reducing your taxable income for the year.
Post-tax contributions are funds you contribute directly to your HSA after your paycheck has already been taxed. If you don’t have the option of pre-tax payroll deductions (such as if you're self-employed or your employer does not offer payroll deductions), you might make contributions directly from your personal funds. Post-tax contributions are still tax deductible.
HealthEquity does not provide legal, tax or financial advice.
¹HSAs are never taxed at a federal income tax level when used appropriately for qualified medical expenses. Also, most states recognize HSA funds as tax-deductible with very few exceptions. Please consult a tax advisor regarding your state’s specific rules.
²Investments are subject to risk, including the possible loss of the principal invested, and are not FDIC or NCUA insured, or guaranteed by HealthEquity, Inc. Investing through the HealthEquity investment platform is subject to the terms and conditions of the Health Savings Account Custodial Agreement and any applicable investment supplement. Investing may not be suitable for everyone and before making any investments, review the fund’s prospectus.