HSA written on wooden blocks with coins on top (Photo: Shutterstock)

With this year’s deadline to file personal income taxes coming up on April 18, employers can play a role in guiding employees through the process of reporting health savings account (HSA) activities on their tax returns.

HSAs are triple-tax advantaged — qualified contributions are tax-free, the money in them grows tax-free and withdrawals used for qualified medical expenses are tax-free. However, the Internal Revenue Service requires individuals to report HSA contributions and withdrawals when they file their returns.

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