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Tax Time FAQs

HSA Tax Forms

What tax documents do I get from Zenda Financial?

You may receive one or both of the 1099-SA and a 5498-SA forms. 

The 1099-SA reports distributions from your Zenda HSA in the prior year. Note that Zenda will only generate your 1099-SA if you had any distributions from your Zenda HSA in the prior year. Report distribution is shown in Box 1 of your 1099-SA on Line 14a of Form 8889. 

The 5498-SA form reports all contributions to your Zenda HSA for the prior year. This form is for informational purposes only, and you don’t need to file it with your tax return. Note that Zenda will generate a revised 5498-SA form if you make prior-year contributions between January 1 and the tax-filing deadline for the current year. 

To make a contribution and mark it as a prior-year contribution, use the Zenda app or website.

Zenda Financial does not provide an 8889 form. File Form 8889 with your tax return to report your HSA contributions and distributions. To complete Form 8889, visit the IRS website, https://www.irs.gov/pub/irs-pdf/f8889.pdf as it requires information from your 1099-SA and details from your W-2. 

When will I have access to my 1099-SA and 5498-SA?

You can expect both your 1099-SA and 5498-SA tax documents to be available for download by January 31. Zenda does not mail or email your tax documents. As noted above, if you did not spend funds from your HSA in the prior year, you will not receive a 1099-SA. We’ll notify you via email once your tax documents are ready for download. Please login to the Zenda mobile app or website to confirm that your email address is correct. 

How do I obtain my tax documents?

To obtain your tax documents, log in to your Zenda account via the mobile app or web. Click on the main menu and choose “Tax Docs & Statements” to access and download your tax forms in pdf file format. If downloading from the web, Zenda recommends using Chrome, Safari, or Adobe Acrobat for viewing the forms.

Can I contribute for the prior year?

You can contribute for 2023 until at least April 15, 2024, the deadline to file federal tax returns. You may have a later deadline based on the state where you live. Be sure to mark these contributions with the correct tax year when completing the process on the Zenda app or website.

What happens if I contribute more than is allowed by the IRS?

If you exceed the annual contribution limit, there may be an IRS penalty and added tax liability. For more information, please visit https://www.irs.gov/publications/p969. To avoid penalties and additional tax, submit an HSA excess contribution form, which you can find here: https://www.incomm.com/benefits/important-forms/ before filing your tax return. Note that Zenda does not provide legal or tax advice.

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*Banking services are provided by Coastal Community Bank, Member FDIC.  The Zenda card is issued by Coastal Community Bank pursuant to a license from Visa U.S.A. Inc.  Zenda spending accounts are FDIC insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.  Privacy notice for Coastal Community Bank can be found here.

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