No, aside from your W-2 which should have a record of the contributions to your 401(k) and your HSA, no additional documentation is required. Your W-2 should contain a Code W in Box 12 for your HSA contribution and a Code D in Box 12 if you contributed to a 401(k). You may also notice that your Box 1 Wages amount is lower than your Box 3 and Box 5 Social Security and Medicare Wages. This is because your HSA and 401(k) are funded with pre-tax dollars, which means the amount of money you contributed to these accounts through your job is not included as part of your taxable income for this year. Since you already received a deduction on your taxable wages from contributing to your 401(k) and HSA, you do not receive an additional deduction on your tax return. If you qualify for the Saver's Credit for your 401(k) contribution, TurboTax will calculate this automatically.
If you made additional contributions to your HSA out-of-pocket, you do not need to wait to get your 5498-SA. You will want to report this on your tax return. To do that in TurboTax:
- In the Federal section of your tax return, go to Deductions & Credits and scroll down to Medical and click Revisit/Start next to HSA, MSA Contributions.
- If you made any withdrawals from your HSA, you should receive a 1099-SA and answer Yes to Did you use your HSA to pay for anything in 2021? Otherwise, select No.
- Assuming you did not inherit this HSA, select No.
- Under Let's enter your HSA contributions your employer amount should already be in there from the W-2. If you made additional contributions, enter them in Any contributions you personally made. Otherwise, leave it blank.
- Answer the questions on the next two screens, then make sure you answer the question related to your HDHP correctly on the next screen.
