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Add-On Module Overview

HSA Reporting

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INTRODUCTION:
 

 

Health Savings Accounts were created by the Medicare Prescription Drug, Improvement and Modernization Act of 2003. Our HSA Reporting Module helps you manage the IRS reporting for your Health Savings Accounts. The module uses information from transaction history to build the 1099-SA and 5498-SA forms. You can then print and export them electronically to the IRS.

HSA REPORTING:


  There are ten programs in our HSA Reporting Module. The first group processes information for the 1099-SA to report distributions. The programs included are:
 
  • Build 1099-SA Forms
  • 1099-SA Maintenance
  • 1099-SA Report
  • Substitute 1099-SA Forms
  • Export 1099-SA for IRS
  The second group processes information for the 5498-SA to report contributions, rollovers and year-end fair market values. The programs included are:
 
  • Build 5498-SA Forms
  • 5498-SA Maintenance
  • 5498-SA Report
  • Substitute 5498-SA Forms
  • Export 5498-SA for IRS

FUNCTION:


After the first program builds the 1099-SA or 5498-SA file, you can review the information in a printed report. A spreadsheet is also produced that shows the details of each transaction.

You can make changes to any field, on either form, using the maintenance programs.

The 1099-SA and 5498-SA Report programs list the appropriate party’s name, address and tax ID number, along with the amounts for each box that will be shown on the actual forms. You can use this report for a final review.

Once you verify the information, you can print the substitute forms to send to your clients.

The final step in the process is to export your information to the IRS. After running the export program, you then upload the file to the IRS through their secure site. You will receive confirmation of their receipt within days, and will be notified if they have accepted the file within a week or two.

BENEFITS:
 

 

The HSA Reporting Module adds value to the core system by …
   
 
  • adding an HSA service to the list of offerings you provide to your clients.
     
  • increasing community exposure. Offering HSA management to employers may provide an introduction to their employees who do not bank with you.
     
  • automating the processing of 1099-SA and 5498-SA Forms.
     
  • allowing complete flexibility for any change that you might need to make before reporting to clients and the IRS.



04/2010