HSA Forms

[sam992116]

I have questions regarding HSA forms, 5498-SA, 1099-SA and form 8889

What is purpose of 1099- SA? Is this for your information only? how much did you spend/distribution and earnings? Is this reported/filled any where within TurboTax?

Main HSA form is 5498-SA. But why this form is mailed in May of tax year?

Form 8889. I assume this is from your fill in for your actual  tax return? Most people use some sort of software to file taxes and once you enter information, TT software fill out 8889?

[sam992116]

HSA contribution is a deduction or Credit?

I have had HSA compatible Health insurance in 2021 for last 5 months (last month rule) but I made entire $3600 contribution in 2021.

I had HSA compatible insurance for entire year of 2022 and I made $3650 contribution to HSA account in year 2022.

TT is asking me,  Q: Did you make excess contribution in year 2021? I think answer is no (last month rule)?

[Mike9241]

the answer is "no" under the LMR. However, did you have some other coverage which would disqualify you like being covered by Medicare?  Other examples your married and your spouse was covered by a FSA or a non-HDHP that covered you. 

[sam992116]

No other coverage just High deductible Health plan on my own.

I have questions regarding HSA forms, 5498-SA, 1099-SA and form 8889

What is purpose of 1099- SA? Is this for your information only? how much did you spend/distribution and earnings? Is this reported/filled any where within TurboTax?

Main HSA form is 5498-SA. But why this form is mailed in May of tax year?

Form 8889. I assume this is from your fill in for your actual tax return? Most people use some sort of software to file taxes and once you enter information, TT software fill out 8889?