Omnify’s guide to HSA tax forms

Please note: Omnify Employee Benefits does not provide legal or tax advice. Please contact your tax professional with any tax-related questions.

Tax season is almost upon us, and the forms can be a bit confusing. At the very least, one might need a refresher, considering most folks only see them once a year. We’ve put together a list of tax forms you might be provided by Omnify, an explanation of each (and why you may have received it), and a handy Q&A section. We hope this helps you in your preparations.

Tax forms provided by Omnify

IRS Form 1099-SA: This form reports any distributions from your health savings account (HSA) from the prior year. If you had distributions from your account, Omnify will issue this tax form by the end of January. It will be available online via the Omnify portal and mailed, if elected. Important: If you did not have any distributions in the previous tax year, you will not receive this form.

IRS Form 5498-SA: This form reports any regular and rollover contributions made to your HSA in the prior year through the tax deadline of the current year (2023 tax filing deadline is April 15, 2024). Form 5498‑SA also reports the fair market value for your health savings account as of December 31. Omnify will issue this tax form by the end of May. It will be available online via the Omnify portal and mailed, if elected. Important: Form 5498-SA is informational only; you do not need to file it with your tax return.

Tax form provided by your employer (if applicable)

W-2: HSA payroll contributions you make through a Section 125 (cafeteria plan) are considered pre-tax, and if applicable, contributions made by you and your employer are listed in box 12-W.

• Note: After-tax contributions will not appear on your W-2. You may be able to claim a deduction for these contributions. See IRS Form 8889 instructions for more information.

When completing your federal income taxes, you may need to obtain the following forms:

IRS Form 8889, which is filed with IRS Form 1040 of your federal income tax return. This form is used to report your total HSA contributions and distributions for the tax year.

IRS Form 5329, which is filed with IRS Form 1040 of your federal income tax return. This form only applies if you reported excess contributions not withdrawn prior to the tax filing deadline.

Tax Q&A

When will I receive my tax forms?

IRS Form 1099-SA is typically available at the end of January. You will receive an email once this form is available via the Omnify portal. If you elected to receive a paper document, you will receive this form in the mail in late January/early February.

IRS Form 5498-SA is typically available at the end of May. You will receive an email once this form is available via the Omnify portal. If you elected to receive a paper document, you will receive this form in the mail in late May/early June.

Please note: Tax forms are not available on the Omnify Benefits mobile app.

How do I get copies of my tax forms online?

1. Log in to your HSA at www.omnifybenefits.com
2. From the main menu, select My Accounts
3. Then, select Benefit Account Summary
4. Under the HSA section, select Tax Forms

How do I get copies of my tax forms via the Omnify mobile app?

1. Log in to Omnify Mobile app
2. From the main menu, select Accounts
3. Select your Health Savings Account to view the expanded options
4. Select Tax Forms

Why am I receiving Form 1099-SA from Omnify?

The IRS requires Omnify to issue Form 1099-SA if you took a distribution from your health savings account.

What if some of my distributions from my HSA weren’t qualified?

Nonqualified distributions will be taxed as income and are subject to a 20% penalty. If you mistakenly use your HSA for a nonqualified expense, you can return the funds to your HSA to avoid taxes or penalties. Submit an HSA contribution form with a check payable to Omnify Employee Benefits for the amount of the nonqualified distribution no later than the tax deadline (2023 tax filing deadline is April 15, 2024).  

Why am I receiving Form 5498-SA from Omnify?

The IRS requires Omnify to issue Form 5498-SA if you had any contribution activity in your health savings account. In addition, this reports the fair market value of your health savings account as of December 31.

Can I still contribute for 2023?

Yes, you can make contributions to your HSA up to April 15, 2024, or until you file your tax return, whichever comes first. The contribution limits for 2023 are $3,850 for individual coverage and $7,750 for family coverage. If you’re 55 or older, you can contribute an additional $1,000 catch-up contribution.

Why doesn’t my W-2 match the Form 5498-SA?

If the contributions on your W-2 do not match your Form 5498-SA, you likely made after-tax contributions or contributions between January 1 and tax day (2023 tax filing deadline is April 15, 2024) for the previous tax year.

How can I verify my 2023 contributions prior to receiving the IRS Form 5498-SA?

1. Log in to your HSA at www.omnifybenefits.com
2. From the main menu, select My Accounts
3. Then, select Benefit Account Summary
4. Under the HSA section, select View Details
5. Under HSA Stats, review Contributions – Reportable

Please note: You are responsible for verifying the accuracy of the applicable IRS maximum each year based upon your situation.

What happens if I contribute too much to my HSA?

If you’ve contributed more than the contribution limit, you may be subject to a 6% IRS penalty and added tax liability. To avoid penalties and added taxes, submit an HSA Correction of Excess Contribution form to Omnify Employee Benefits before you file your tax return.

Please contact support@omnifybenefits.com or call 844.472.6567 to obtain a copy of the HSA Correction of Excess Contribution form.

Looking for more tax education? Check out UBT's Tax Resource Page.