In some cases, you may receive a tax document for your account at BPAS. The information below may provide some helpful information of the various documents, including when you may receive them, why, and next steps.
Form W-2 is provided annually by your employer & reports your total annual wages & taxes withheld. Box 12 of your W-2 details contributions made to your Workplace Retirement Plan and/or your Health Savings Account (HSA).
Prior to inputting this information on your tax return, you may want to review your account to see total contributions for the year.
Distributions of $10 or more from one of the following account types will generate a 1099-R form:
> Profit-Sharing Plans
> Workplace Retirement Plans, such as a 401(k) or 403(b)
> Pension/Defined Benefit Plans
> Individual Retirement Account (IRA)
BPAS is required by the IRS to mail 1099-R forms no later than January 31. A copy will also be posted to the Participant Portal once the Form has been mailed to you. If you do not have a copy of your 1099-R by February 15th, please contact BPAS Participant Services.
You’ll report any income and withheld taxes listed on your 1099-R on your federal and state tax returns.
Form 1099-SA shows you & the IRS how much money you have spent from your HSA Account. BPAS will generate a 1099-SA no later than January 31st of the following year if you took distributions from your HSA during the calendar year. A copy will also be posted to the Participant Portal once the Form has been mailed to you.
If you do not take any distributions from your HSA during the year, you will not receive a 1099-SA.
Form 5498 is used to report to the IRS; the Fair Market Value (FMV) of IRAs and, any regular or rollover contributions made to IRAs for the prior tax year.
This form is generally mailed in late-May, as BPAS is required to include any contributions made for the prior tax year (which may be made up until mid-April of the next year).
Form 5498 is for informational purposes only. You do not need to file it with your tax return.
Form 5498-SA reports regular & rollover contributions to your Health Savings Accounts (HSA), Archer Medical Savings Accounts (MSA) & Medicare Advantage MSA (MA MSA) as well as the fair market value of an HSA, MSA, or MA MSA at year-end.
BPAS will generate your 5498-SA by May 31st of the following year if you made contributions in the calendar year. Form 5498-SA is for informational purposes only. You do not need to file it with your tax return.
Form 8889 is used to report your HSA contributions & distributions. You will need information from your 1099-SA, as well as your W-2 to complete this form. You will then attach this form to your 1040.
This form is not provided to you from BPAS. If you are manually doing your taxes, you may obtain a copy from the IRS website.
Form 480.7C is a tax form applicable only for Puerto Rico Qualified plans. The Form is the equivalent to the US Form 1099-R; it discloses the details of distributions and Puerto Rico tax withholding made thereon. Form 480.7C includes the following information:
> The taxpayer’s name, address, and Social Security Number
> Details of the retirement plan from which the distributions/withdrawals were from
> The amount of distributions/withdrawals processed in the tax year to which the Form relates
> Taxes withheld from the distributions/withdrawals
> Details of taxable and non-taxable amounts distributed (e.g. amounts of post-tax contributions, tax prepayment amounts, etc.)
The Puerto Rico Department of the Treasury (i.e. Hacienda) requires Puerto Rico paying agents to submit the Forms electronically by February 28th and mail a copy no later than 7 days after the electronic filing to applicable taxpayers who received a distribution or withdrawal in the prior tax year. Recipients of a Form 480.7C must report the amount of taxable income and taxes withheld on their Puerto Rico income tax returns, as shown on the Form 480.7C.
If BPAS is the paying agent for a Puerto Rico Qualified plan, the Form 480.7C will be posted to the Participant Portal once the Form has been mailed to recipients.
El Formulario 480.7C es una planilla informativa aplicable únicamente para planes cualificados de Puerto Rico. El Formulario es el equivalente al Formulario 1099-R de EE. UU., y detalla las distribuciones y las retenciones de impuestos de Puerto Rico realizadas. El formulario 480.7C incluye la siguiente información:
> El nombre, la dirección y el número de seguro social del contribuyente
> Detalles del plan de retiro del cual se realizaron las distribuciones/retiros
> La cantidad de distribuciones/retiros procesados en el año contributivo al que se refiere el formulario
> Contribuciones retenidas de las distribuciones/retiros
> Detalles de las cantidades tributables y no tributables (por ejemplo, cantidades de aportaciones después de impuestos, cantidades pre-pagadas, etc.)
El Departamento de Hacienda de Puerto Rico (es decir, Hacienda) requiere que los agentes pagadores de Puerto Rico radiquen los formularios electrónicamente el 28 de febrero y envíen una copia por correo a más tardar 7 días después de la radicación electrónica a aquellos contribuyentes que recibieron una distribución o retiro en el año contributivo anterior. Los individuos que reciban un Formulario 480.7C deben informar la cantidad de ingresos tributables y las contribuciones retenidas en su planilla de contribuciones sobre ingresos de Puerto Rico, según se muestra en el Formulario 480.7C.
Si BPAS es el agente pagador de un plan Cualificado de Puerto Rico, el Formulario 480.7C se publicará en el Portal del Participante (sección BIBLIOTECA) una vez que el Formulario haya sido enviado por correo.
Once you log into your account, you can access your Tax Forms in the Library. BPAS will also mail these forms to your address on record.
Keep in mind that forms will only be generated if there is a taxable event.
If you notice an error on your form(s), please contact BPAS Participant Services.
Some forms are for informational purposes only and do not need to be reported on your annual tax return. You should review the information for accuracy and immediately contact BPAS if you notice any errors.