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The HSA Authority Insights

VIDEO TRANSCRIPT

Tax time is nobody’s favorite time of the year, but, your HSA from The HSA Authority at Old National Bank, makes it better, with triple tax savings.

There are no taxes on your deposits, or on interest and investment earnings, and you will not be taxed on withdrawals when used for  qualified medical, dental and vision expenses.

These tax advantages are available to everyone who is eligible for an HSA, no matter what your income level is, or what type of tax filing you do.

Not exactly sure what to do at tax time? No sweat. In January, each year, we'll send you the IRS forms that outline both your contribution and distribution totals which are reported to the IRS. Then, you'll be required to report them on IRS Form 8889 when you file your federal taxes. If you have more questions, just check out IRS Publication 969, or, consult your tax advisor.

So, you've already celebrated the new year, but, you still want to make contributions to your HSA for the previous year. No problem. You can still contribute for the previous tax year up until the current year's tax filing deadline – usually April 15th. Then, in May, we'll send you form 5498 SA with your updated contribution total to keep with your tax records. If you DO make contributions for the previous year, just be sure to clearly communicate that to the bank – when mailing your deposit, make sure to note that it's for the previous year.  Also, if you make deposits using any other method – say, at an ATM, with your mobile phone, or electronic transfer from another account –  without noting they're for the previous year, they'll automatically be processed as current year contributions.

Still have questions? We always have the answers at TheHSAauthority.com. 
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