Maintaining HSA Information
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The Account Information - HSAs tab lets you review up to three tax years of a member’s HSA information, the current year plus the two previous tax years, if applicable. Transactions affecting a member's HSA account update this information immediately.
To access the HSAs tab, under Member Services on the Portico Explorer Bar, click Account Information. The Overview tab appears on top. Click the HSAs tab. Locate the member using the search tool on the top menu bar. Select the down arrow to select the search method, then enter the search criteria. Select the green arrow or press ENTER to locate the member.
Select the tax year from the Tax Year drop-down list (Keyword: TX). Then, click the green arrow. Portico stores three years of IRA information, the current tax year plus the previous two tax years.
How do I? and Field Help
To correct an HSA contribution or distribution, complete the following steps:
- Click the Incorrect Code down arrow to indicate if the incorrect code was a contribution or distribution (Keyword: TI).
- Click the Incorrect Code Description down arrow to select the incorrect HSA code originally used (Keyword: IC). This field will decrease the appropriate HSA total by the transaction amount.
- Click the Correct Code down arrow to select the correct HSA code (Keyword: CC). This field will increase the appropriate HSA total by the transaction amount.
- Click the Account Type down arrow to select the share type or certificate number associated with the correction.
- Click the Effective Date down arrow to select the effective date of the correction from the pop-up calendar or enter the date in MM/DD/YYYY format (Keyword: ED). This date appears on the HSA Transaction Register Report 491.
- In the Amount field, enter the amount of the correction (Length: 12 numeric including decimal).
- If desired, enter credit union-defined information in the Miscellaneous field (Length: 6 alphanumeric). The information in this field is included on the HSA Transaction Register Report 491.
- Click Save to save your changes.
Click the HSA Coverage Type down arrow to select the HSA coverage limit (Keyword: TP). The valid values are:
- S – Self-only
- F – Family
- Blank – Not specified (Family). You can use the Blank – Not specified (Family) option if the member did not specify Self or Family for the coverage type.
If you try to change the HSA Coverage Type field on the HSAs tab from Family or Not Specified (Family) to Self-only, and the contribution amount exceeds the self-only coverage limit, an error message will appear. To correct this issue, you can back out the contribution amount using the code correction option in the HSA Maintenance group box until the contribution amount is within the self-only coverage limit. Then, you can change the coverage type for the member’s HSA.
To display HSA history at the member level during a conversion or merger, click HSA History Load.
The Amount Information group box displays the following information:
| Field | Description |
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The member's HSA Fair Market Value as of 12/31 of the tax year. The amount includes all IRA share and certificate accounts and is calculated in the year-end cycle on 12/31. Dividends effective as of the 1st of the year are not included in this amount. Keyword: FM Length: 12 numeric including decimal |
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To maintain the fair market value at the date of the member’s death, enter the amount in the FMV on Date of Death field. Length: 12 numeric including decimal |
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The member's HSA balance at the beginning of the tax year. The beginning balance is the total of all HSA share and certificate balances. Length: 12 numeric including decimal Keyword: BB |
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The current balance of all HSA share and certificates for the current tax year. For previous tax years, the balance displayed is the balance as of 12/31. Length: 12 numeric including decimal Keyword: EB |
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The net balance of all internal transactions for the tax year. Internal transactions are identified by HSA codes I and IT. Length: 12 numeric including decimal Keyword: IN |
The Contributions group box indicates the amount contributed to the HSA account using the specified HSA deposit code (Length: 12 numeric including decimal).
| Contribution Type | Description |
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The total HSA contributions made in the current tax year. HSA deposits coded with a C are included in this total. This amount will be reported on Form 5498-SA if greater than zero. Length: 12 numeric including decimal Keyword: NC |
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The total HSA contributions made in the current tax year for the previous tax year. Contribution code P updates the prior year bucket for the current tax year. Length: 12 numeric including decimal Keyword: PD |
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The total HSA rollover deposits for the tax year. HSA deposits with code R are included in this amount. Rollover deposits are reported on Form 5498-SA Length: 12 numeric including decimal Keyword: RO |
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The total HSA transfer deposits received from other financial institutions. HSA deposits coded with a T are included in this amount. Transfers are not reported to the IRS. Length: 12 numeric including decimal Keyword: TI |
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The total dividends paid to the member's HSA share account for the tax year. The valid value must be equal to or greater than zero. Length: 12 numeric including decimal Keyword: DV |
The Distributions group box indicates the amount contributed to the HSA account using the specified HSA withdrawal code (Length: 12 numeric including decimal).
| Contribution Type | Description |
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The amount of HSA distributions with code 1 for the tax year. Code 1 indicates a normal distribution of funds from an HSA account. Length: 12 numeric including decimal Keyword: ND |
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The amount of HSA distributions with code 2 for the tax year. Code 2 indicates a distribution of funds from an HSA account, plus earnings to remove excess contributions. Length: 12 numeric including decimal Keyword: ED |
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The earnings on the excess contributions made to an HSA that were removed using code 2. This amount will be reported on IRS form 1099-SA. This amount cannot be greater than the amount in the Excess Contribution 2 field. Length: 12 numeric including decimal Keyword: EA |
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The amount of HSA distributions with code 3 for the tax year. Code 3 indicates a distribution of funds from an HSA account due to a disability as defined under section 72(m)(7) of the Internal Revenue code. Length: 12 numeric including decimal Keyword: DS |
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The amount of HSA distributions with code 4 for the tax year. Code 4 indicates a distribution of funds from an HSA account to the decedent’s estate in the year of death and after the year of death. Length: 12 numeric including decimal Keyword: YD |
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The amount of HSA distributions with code 5 for the tax year. Code 5 indicates a prohibited transaction. Examples of prohibited HSA transactions are borrowing from the funds, pledging the HSA for a loan, or overdrawing the account. See IRS Notice 2008-59 and 10 percent excise tax rule for additional information on prohibited transactions. HSA Distribution Code 5 for Prohibited transactions is not supported using financial transactions or code corrections. You can only maintain the Prohibited field by clicking HSA History Load on the HSAs tab. Reporting Analytics: Prohibited Distribution (HSA Information subject in the HSA folder and the ME HSA Information subject in the Month-end Information\HSA Month-End folder) |
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The amount of HSA distributions with code 6 for the tax year. Code 6 indicates a distribution of funds from an HSA account to the decedent’s non-spouse beneficiary, other than the estate, after year of death. Length: 12 numeric including decimal Keyword: AD |
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The amount of HSA distributions with code TO for the tax year. Code TO indicates distributions that are transferred directly to another financial institution. Direct transfers between financial institutions are not reported to the IRS. Length: 12 numeric including decimal Keyword: TO |
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