Tax Filing Information

Lifespring Health does not offer tax advice, but we do provide our account holders with quarterly reports on HSA account activity so that information is available for tax filing purposes. Client-specific records are also available to clients should an IRS audit require documentation of medical expenses.

If you have any questions regarding the tax forms sent to you by Lifespring Health, please feel free to call our Customer Service department at (800) 617-4729. We will be happy to assist you.

While the law specifies that it is the account holder who is ultimately responsible for determining if disbursements are qualified medical expenses, we perform another review service to account holders who ask us to pay medical bills from their HSAs. Lifespring informs clients when our review suggests that a disbursement may not meet the definition of a qualified medical expense. Moreover, we track deposits from all sources and alert accountholders of deposits exceeding the maximum allowed by law.Please note that HSA contributions are Federally tax free in all states. Individual state taxes may apply to both employer and employee contributions and interest earned. Consult your tax advisor for additional information and inform your payroll department so that contributions are set up in accordance with your state tax rules as they apply to HSAs.

For more information on HSAs and tax savings,
please visit the U.S. Department of the Treasury:
www.ustreas.gov/offices/public-affairs/hsa/
www.ustreas.gov/offices/public-affairs/hsa/pdf/hsa-examples.pdf

Treasury and the IRS issued on July 28, 2006 final regulations concerning Health Savings Account (HSA) comparability rules. Comparability rules provide that an employer contributing to one employee’s HSA must contribute comparable amounts to all employees who have HSAs.
For more information on the final regulations:
http://www.ustreas.gov/press/releases/hp32.htm

For your convenience, you may view IRS tax forms and HSA Publication 969 by clicking the IRS links below. These forms should not be downloaded and sent to the IRS. They are for informational purposes only to assist you and your tax preparer.

The Senate Finance Committee has on their web site the tax provisions of the extender bill as passed. The link to this document on the Senate Finance Committee site is:

http://finance.senate.gov/press/Gpress/2005/prg121106bill.pdf