Taxes: Late contributions/1099

[marko]

This should be an easy one but I wasn't quite sure how to title it.

Theoretical:

Let's say that it's April 14th and you're doing your taxes and decide that making an additional contribution to your HSA for the previous year (for example) would be a good idea.

You've already received the 1099 last month from your HSA for a lower amount.

Would you just enter the new amount and wait for a new 1099 even if the current 1099 doesn't reflect that? Do they send you a new/amended 1099? Won't the IRS flip out if they see your old/lower number vs what you're now claiming?

How does that work?

 

[jebmke]

The 1099 is for distributions. What you may be thinking of is the 5498 - that normally gets issued quite late and isn't needed to do your taxes. On Form 8889 claim what you contribute for 2014 in 2014 or in 2015 prior to April 15. Eventually the paperwork will reflect all of this. If you are audited it will be well after the 5498 is issued.

They do audit these from time to time. I had a request for every document supporting the entries on Form 8889 for one year. Keep the receipts.

 

[marko]

The 1099 is for distributions. What you may be thinking of is the 5498 - that normally gets issued quite late and isn't needed to do your taxes. On Form 8889 claim what you contribute for 2014 in 2014 or in 2015 prior to April 15.

Thanks! I guess I subliminally knew that "1099" is for distributions but I tend to use the term for any tax reports. My oversight!

 

[kaneohe]

Sounds like the form is sent early and then revised if necessary: (quote is for an earlier yr but you can adjust mentally)

http://www.alvinisd.net/cms/lib03/TX01001897/Centricity/Domain/266/HSA Broshure 4.pdf

2. IRS Form 5498-SA (Contributions)
The form, sent in January, provides you with all the contributions made to
your HSA in 2013. HSA contributions for the 2013 tax year can be made
up until April 15, 2014. (Note: The IRS does NOT allow an extension of
time to contribute to an HSA, even if you have an extension for filing your
taxes). If you make additional 2013 contributions in 2014, an updated
IRS Form 5498-SA will be available between April 15, 2014 and May 31,
2014 as a confirmation of your total contributions attributable to tax year
2013. If you did not have contribution activity in 2013, you will not receive
an IRS Form 5498-SA.