What are the responsibilities of an HSA owner?
Each year, you are responsible for determining your allowable annual HSA contribution and whether you have qualified medical expenses eligible for reimbursement with non-taxable HSA distributions. Your HSA custodian/trustee (Simmons First) is not responsible for the determination of your allowable HSA contributions or whether you have qualified medical expenses. Determining your eligibility to establish an HSA and determining your allowable contributions and distributions may require the guidance of a tax or legal professional. Also, you are required to file IRS Form 8889 as part of your annual federal income tax return to report your HSA contribution and/or distribution activity. Form 8889 filing is required only during a tax year when you have contribution and/or distribution activity. Save your supporting documentation (e.g. medical receipts, employer contributions, etc.) when you withdraw funds. The IRS may require you to provide documentation for your withdrawals. Non-qualified me
