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Module 6 Maintenance

Quiz by Jody McNelis

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22 questions
Show answers
  • Q1
    Members can obtain their historical HSA statements online back to what date?
    As early as Jan 2008 if the account was opened then
    12 months from the current date
    24 months from the current date
    As early as Jan 2006 if the account was opened then
    30s
  • Q2
    True or False: Independent members are charged a fee for each paper statement issued.
    FALSE
    TRUE
    30s
  • Q3
    How often are member statements generated when there is no activity on the account?
    Monthly
    Annually
    Quarterly
    Weekly
    30s
  • Q4
    How can members update their statement method from paper to electronic delivery?
    By writing a letter requesting an electronic statement delivery.
    By speaking with a BenefitWallet representative.
    By going online and electing electronic statements.
    None of the options listed.
    30s
  • Q5
    True or False: The fee for producing a standard ongoing paper statement is currently $1.25 each.
    FALSE
    TRUE
    30s
  • Q6
    True or False: The fee for reprinting a paper statement is currently $5.00 per statement.
    FALSE
    TRUE
    30s
  • Q7
    A 5498 SA tax form contains information about what types of transactions?
    Only debit card distributions
    All types of distributions
    All types of contributions
    Employer contributions only
    30s
  • Q8
    A 1099 SA code 1, for normal distribution, reports what type of transaction?
    All types of distributions from the account, excluding fees and investments
    Direct Pay Distributions only
    Check distributions only
    Excess Contributions to the account only
    30s
  • Q9
    Which one of the following is NOT true about HSA tax filing form 8889?
    It must be completed and returned to BenefitWallet for processing.
    It is available on www.irs.gov.
    It reports HSA contributions and distributions to the IRS.
    It can be downloaded from the BenefitWallet website.
    30s
  • Q10
    Mr. Maxis called BenefitWallet because the ACH transaction he completed on March 30 of this year was supposed to be a contribution for the prior year. What can you do to help him?
    Advise Mr. Maxis that you will have this researched to see if the bank will recode the transaction.
    Advise Mr. Maxis that he can withdraw the money from his HSA and resubmit the funds.
    Advise Mr. Maxis that we can make the change and he will receive a new tax form in the mail.
    Advise Mr. Maxis that nothing can be done since it is past the April tax deadline to have transactions recoded as prior year contributions.
    30s
  • Q11
    What fee is applied if a member requests a copy of a tax form mailed to him?
    $5.00
    $3,50
    $10.00
    $0.75
    30s
  • Q12
    Gwen called because she realized that she accidentally wrote a check from her HSA a week ago to pay her personal credit card and the check has already cleared. She wants to know how she can correct her mistake. How would you reply?
    You can send a wire transfer into the HSA to repay the funds.
    You can send a check from your personal checking account to us, along with a deposit slip indicating that it’s a Rollover.
    You can send a check from your personal checking account to us, along with a deposit slip indicating that it’s a Return of Incorrect Distribution.
    You can complete the “Return of Excess Contribution” form.
    30s
  • Q13
    True or False: Tax forms prior to 2007 are available to members on the website.
    FALSE
    TRUE
    30s
  • Q14
    John called because he is completing his taxes and wanted to know what he should do with the receipts he saved to substantiate his HSA distributions. How would you reply?
    You do not need to mail the receipts, but keep them for your records.
    Once you complete your taxes, you can destroy the receipts.
    You should mail copies of the receipts with your taxes.
    You should mail the receipts with your taxes, but make copies of them for your records before you do so.
    30s
  • Q15
    True or False: Contributions, investment earnings and qualified distributions are exempt from state tax in all 50 states.
    TRUE
    FALSE
    30s

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