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Getting the most from your Chase HSA Tax Time Now that your HSA is open, it’s important to know the impact it can have on your annual federal and state income taxes.* Understanding the tax benefits, including your HSA’s triple tax advantage, how to file for an HSA deduction and what are the specific guidelines for your state, will help you get the most from your Chase HSA. Understanding Tax Benefits You may know that the HSA is tax-advantaged but do you know how to maximize your tax benefit? Here are some important considerations and questions that will help you understand how you benefit or can increase your tax benefits with the HSA: • Are you receiving contributions from your employer? • Are you contributing additional funds to your HSA? Is anyone else contributing? • Have you made any rollovers this year from another HSA or IRA? • Are you tracking your medical expenses? Are you keeping your receipts? • Do you know where to check on your contributions and distributions for the year? • Do you have an investment account and if so, has the account gained or lost value? Knowing the answers to these questions will help you better understand your tax advantages. Triple Tax Advantage Your HSA is triple-tax advantaged: • Contributions – Your contributions can be reduced from your taxable income either by making pre-tax payroll deductions or contributing post-tax and listing the contributions on your federal income tax return. (Use the Form 8889). • Earnings – Any interest earned in your HSA cash account and any increase in value of your mutual fund investments are tax-free – meaning that you do not have to list these as taxable income on your federal income tax return. No action is required to report these earnings. • Paying for Medical Expenses – As long as you use the HSA for qualified medical expenses, you do not pay any taxes on the money that you have withdrawn from the account. This means that every time you make a purchase you are actually saving money. Q U I C K T I P S : Use the Chase HSA calculator at chase.com/hsa to estimate your annual tax savings. You can also access your YTD tax summary on the HSA Member Website. Filing for an HSA Deduction The IRS says that individuals must file Form 8889 if they (or someone on their behalf, including their employer) made contributions to their HSA account. Form 8889 must also be filed if individuals take funds out of an HSA, even if they do not make a contribution to the HSA that year. While Chase cannot provide tax advice, we can provide some information concerning the W-2 you may receive for payroll deductions and how it applies to Form 8889. If you need additional tax advice, please consult a qualified tax advisor or the IRS. • If you are receiving contributions from your employer via payroll deductions – Your payroll deductions for the HSA account will be shown on your W-2 in Box 12, marked code “W”. Because your payroll deductions were taken pre-tax, they are considered “employer contributions” and are to be entered on line 9 of form 8889. Since payroll deductions for the HSA were taken pre-tax, you will not be able to claim a deduction on line 13. • If you made after-tax contributions to an HSA (sent a check or withdrew money from your bank account, for example) – Your contributions should be eligible for a tax deduction. See the IRS instructions for additional information on above the line deductions. * All of these strategies should be carefully considered in light of your cash flow, tax, and investment options. Chase always recommends you discuss these strategies with a professional financial planner or tax advisor. Getting the most from your Chase HSA Tax Time – continued • If you used your HSA for medical expenses – If you took funds out of your HSA account you will receive a 1099-SA reporting the distribution of funds from your HSA. These distributions from your HSA will be entered on line 14a of form 8889. If you have unreimbursed qualified medical expenses, they may be entered on line 15 of form 8889. See the IRS instructions for an explanation on what may be included as an unreimbursed qualified medical expense. Q U I C K T I P : Use the Chase HSA Medical Expense Tracker to determine if expenses are qualified based on IRS guidelines. State by State Listing1 Federal law exempts your HSA from federal taxes; however individual states choose whether to adopt the federal tax guidelines for HSAs, or to establish their own guidelines. States Currently Following the Federal Tax Guidelines for HSAs Arizona Arkansas Colorado Connecticut Delaware Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska New Mexico New York North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina Utah Vermont Virginia West Virginia Wisconsin States Not Subject to State Income Tax (on HSA Contributions) Alaska Florida Nevada New Hampshire South Dakota Tennessee Texas Washington Wyoming States Not Offering a Tax Benefit for HSAs Alabama California New Jersey Washington DC2 For additional information, visit the Chase HSA website at www.chase.com/hsa or call 1-866-566-7101. 1 Please contact the taxing authority for the state in which you reside for details regarding taxibility of HSA contributions. 2 States that have not announced their position on HSAs. Health Savings Accounts are administered by JPMorgan Chase Bank, N.A. 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