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New Member
posted Feb 15, 2025 11:03:08 AM

If i have form 1099SA and form 5498SA The information on these forms are alrady on my w2. Do I say still enter them if they ask me if I have these forms?

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3 Replies
Expert Alumni
Feb 15, 2025 11:15:18 AM

It is unlikely that the information on your Form 1099-SA is also on your W-2.  Form 1099-SA reports distributions from your HSA.  The information on your W-2 (in box 12 with code W)  are contributions to your HSA.  That is also reported on Form 1099-SA.  You need  to enter your 1099-SA.  You do not need to enter your 5498-SA.  

Level 1
Mar 23, 2025 1:34:49 PM

Can I please ask a follow-up question? I only have the 5498-SA form, no reimbursement in 2024. On the 5498-SA form, box 5 shows the FMV of HSA (small earning on the contribution). Do I have to report that earning (Box 5 FMV - Box 2 Contribution amounts)  on the CA tax return? (In the section "Enter your health savings account earnings") Thank you!

Expert Alumni
Mar 24, 2025 7:46:33 AM

On your CA return, yes, you have to enter the interest, dividends, and capital gains earned by your HSA as if it were a regular investment account.

 

Box 5 on the 5498-SA is the fair market value of you HSA, which is usually not the same as your earnings, unless you withdrew all contributions from your HSA during the year, and the earnings are all that is left.

 

What you should do is ask your HSA custodian for a report on what the HSA earned over the year (this is not the same as "earnings on excess contributions"). The first line phone support person will very likely have no idea of what you are talking about, since only California and New Jersey still treat HSAs this way. So be persistent and ask for a supervisor or someone who is familiar with how CA and NJ do things.

 

Note: CA taxes all capital gains (short term and long term) the same way, so all you need is the total number for capital gains.