Get the free Form 5498-SA - irs

This form is used to report contributions to Health Savings Accounts (HSA), Archer Medical Savings Accounts (MSA), or Medicare Advantage MSAs. It provides information regarding contributions made

How to fill out form 5498-sa - irs

How to fill out Form 5498-SA

1. Obtain Form 5498-SA from the IRS website or your tax professional.
2. Enter your name and address in the appropriate fields.
3. Provide your Social Security Number (SSN) or Employer Identification Number (EIN).
4. Fill in the type of account: HSA, Archer MSA, or Medicare Advantage MSA.
5. Report the total contributions made to the account during the tax year in the designated box.
6. Indicate any rollover amounts if applicable.
7. Include the fair market value of the account as of December 31 of the tax year.
8. Check the appropriate boxes for any other relevant information, such as if the account owner is deceased.
9. Review all entered information for accuracy.
10. Submit the completed form to the IRS and provide a copy to the account holder.

Who needs Form 5498-SA?

1. Individuals who have made contributions to a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA.
2. Trustees or custodians of HSAs and MSAs need to file this form with the IRS.

People Also Ask about

Do I need to report form 5498 on my tax return?

You don't have to file this form with your tax return. The financial institution that issued it will share this information with the IRS. Form 5498 can help you keep track of contributions you've made to a traditional IRA, Roth IRA, SEP IRA, or SIMPLE IRA.

What is the difference between a 1099 and a 5498?

Form 1099 is used to report distributions and associated tax withholdings, while Form 5498 reports contributions, rollovers, FMVs, and RMDs. Both serve different purposes but are essential for accurate tax reporting. If you take a distribution and make contributions in the same year, you will likely receive both forms.

Do I claim form 5498 on my taxes?

Form 5498 IRA Contribution Information is information for your personal records and is not required to prepare your tax return. Taxpayers should retain this information for their personal records, but there are no tax consequences to the taxpayer until the funds are distributed from the account.

Do I have to report IRA contributions on my tax return?

IRA contributions will be reported on Form 5498: IRA contribution information is reported for each person for whom any IRA was maintained, including SEP or SIMPLE IRAs. An IRA includes all investments under one IRA plan. The institution maintaining the IRA files this form.

Do I have to report 5498-SA on my tax return?

The trustee of your HSA, Archer MSA, or MA MSA may provide other information about your account on this form. Note: Don't attach Form 5498-SA to your income tax return. Instead, keep it for your records.

Does IRS form 5498 need to be reported?

You aren't required to do anything with Form 5498 because it's for informational purposes only. Please be sure to keep this form for your records as you'll need this information to calculate your taxable income when you decide to take distributions from your IRA.

Do I have to report my HSA on my tax return?

Yes, there are specific forms you will receive to properly complete your income tax return if you have an HSA.

What's the difference between form 5498 and 5498-SA?

In addition to Form 5498, there are two related forms: Form 5498-ESA for Coverdell education savings account (ESA) plan contributions and Form 5498-SA for health savings accounts (HSA) or medical savings accounts (MSA).

For pdfFiller’s FAQs

What is Form 5498-SA?

Form 5498-SA is a tax form used to report contributions to Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs. It is filed by custodians to provide information to the IRS and account holders.

Who is required to file Form 5498-SA?

The custodian of the Health Savings Account or any qualified medical savings account is required to file Form 5498-SA. This includes banks, credit unions, and other financial institutions that manage these accounts.

How to fill out Form 5498-SA?

To fill out Form 5498-SA, follow these steps: 1. Enter the account holder's name and identification details. 2. Report contributions made to the account during the tax year. 3. Provide information on any rollover contributions. 4. Indicate the fair market value of the account at year-end. Be sure to sign and date the form, if required.

What is the purpose of Form 5498-SA?

The purpose of Form 5498-SA is to report contributions to health savings accounts and other related accounts to both the IRS and the account holder. It helps track contributions, ensure they are within allowable limits, and provides the IRS with information necessary for tax administration.

What information must be reported on Form 5498-SA?

Form 5498-SA must report the account holder's name, Social Security number, the amount of contributions made during the year, any rollovers received, the fair market value of the account, and other required identifying information.