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Health Savings Account FAQs

 

How is IRS reporting handled?

  • The Island will mail you IRS Form1099SA by January 31, following the end of the previous tax year. This form shows the total distributions (payments) made from your HSAs during the tax year.
  • All contributions into the HSA are reported, to the IRS, as "current year" contributions, unless you instruct us differently. ("Prior year" contributions can be made by visiting a branch, calling the Contact Center, or by mail. Mail requests must clearly identify the tax year of the deposit.)
  • You have until April 15 to make all your HSA contributions for the prior tax year. The Island will mail you IRS Form 5498SA, reflecting total prior tax-year contributions, by May 31.