Human Resources

Q. What information do I put in line 2 of Form 8889?

A. Line 2 is where you record any contributions made to your HSA account outside of payroll contributions. For example if you had transferred funds from a personal bank account to your HSA, that contribution amount would be entered in Line 2.

Q. What information do I put in line 9 of Form 8889?

A. Line 9 is where you record any contributions made to your HSA account via payroll contributions. This information can be found on your W-2, box 12, code W.  This figure will include both the amount that IU contributed to your HSA and the amount you contributed to your HSA through payroll deductions.

Q. Where can I find the HSA contribution information?

A. Box 12, Code W. This code, labeled Employer Contributions (used in line 9 of Form 8889) includes both IU’s contribution to your account as well as your own contributions through payroll deductions.

Q. Why do I need a Form 1099-SA?

A. The IRS requires WEX to issue Form 1099-SA if you made a distribution from your HSA during the tax year. You must report distributions from your HSA on IRS Form 8889 and submit it with your annual income tax return. You can find your tax statements on WEX‘s website at www.benefit-info.com/iu/ by selecting Accounts, then Statements.

Q. What is included in Box 1?

A. Box 1 of the 1099-SA reports the total distributions made from your HSA during the tax year. Distributions include any purchase or withdrawal using HSA funds. If any excess contributions and associated earnings were distributed, they are also included.

Q. What is the distribution code - Box 3?

A. The distribution code represents the particular type of distribution made from your HSA. The most common distribution code is “1”, which indicates a normal distribution. A normal distribution means that the funds were withdrawn with your IU Benefit Card, with a check, or through online bill payment. Other codes are for specific types of distributions such as a distribution for an excess contribution (2) or a distribution to a beneficiary in the event of death or disability (3, 4, or 6). A complete list is located on the bottom half of your Form 1099-SA.

Q. What is included in Box 2? 

A. Box 2 of Form 1099-SA reports any earnings on excess contributions. This box includes any excess contributions you withdrew from your account, as well as any interest or investment earnings that are attributable to the funds that were withdrawn.

Q. What is form 5498-SA?

A. This form includes all contributions to your HSA thus far for 2023. It is available online by mid-February on WEX‘s website at www.benefit-info.com/iu/ by selecting Accounts, then Statements.

Q. What if I want to make additional contributions to my HSA for 2023 before the tax deadline?

A.You can continue to make contributions to your HSA up to the IRS annual contribution maximum up until (1) you file your income taxes for 2023, or (2) April 15, 2024, whichever is earliest. To do this simply log in to WEX‘s website at www.benefit-info.com/iu/ and select the blue Contribute to HSA button.

If you make additional contributions to your account for 2023, a new 5498-SA form will be generated and available online within a few days.

You should keep all receipts and records for qualified health expenses paid with your HSA funds for your own records in case of an IRS audit.

• These receipts and records do not need to be submitted to WEX or to the IRS with your tax return.
• You can attach and store digital images of your receipts by utilizing the online Expense Tracker feature on WEX‘s website at www.benefit-info.com/iu/.

Learn more about HSA recordkeeping.

For additional information on qualified health expenses, review the following IRS publications:

• IRS Publication 502, Medical and Dental Expenses
• IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans

To access your WEX account, follow the WEX Web & Mobile App Login Instructions. Be sure to have your 10-digit university ID on hand.

If you’ve forgotten your username or password, go to www.benefit-info.com/iu/ and select the Forgot username or Forgot password link. From there enter the email address associated with your WEX account, then select Continue. WEX will email you a link to create a new password.

For further assistance contact WEX at 800-284-8412 or at .

If you were ineligible to make tax-free contributions for any part of 2023 you’ll need to determine if you made any “excess contributions” to your HSA. This refers to contributions that exceed the annual prorated IRS contribution maximum. To calculate any excess contributions, you can follow the Instructions for IRS Form 8889 or speak to a tax advisor.

Once you’ve calculated the excess contribution amount, you can request a distribution from your account by submitting an HSA Distribution Request Form to WEX (refer to the Instructions section near the top of the form).

WEX will issue you a check for the excess contributions, or you may request direct deposit of the funds as long as your bank account information is on file. There is no fee for either option. You must have enough funds in your account for them to issue the FULL excess contribution amount.

When you receive the distribution, you can treat it like any other income and deposit it into a regular bank account. When you file your annual tax return, you will report the withdrawal of these excess contributions on Form 8889 and pay income taxes on those funds.

Any excess contributions that are not withdrawn from your account before the end of the tax year will be subject to a 6% excise tax until removed.

Learn more about excess contributions.