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This form is used to report contributions to Health Savings Accounts (HSA), Archer MSAs, and Medicare Advantage MSAs for the tax year. It includes information on contributions made by employees and
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How to fill out form 5498-sa - irs
How to fill out Form 5498-SA
01
Obtain a copy of Form 5498-SA from the IRS website or your tax preparer.
02
Enter your name and Social Security number (SSN) in the appropriate fields.
03
Fill in the name of your Health Savings Account (HSA) trustee or custodian.
04
Provide the account number for your HSA.
05
Report the contributions made to your HSA for the tax year in the designated box.
06
Include any rollovers or transfers to the HSA, if applicable.
07
Indicate the fair market value of the HSA at the end of the year.
08
Review the completed form for accuracy before submission.
09
Submit Form 5498-SA to the IRS by the deadline, keeping a copy for your records.
Who needs Form 5498-SA?
01
Individuals who have a Health Savings Account (HSA) in the tax year.
02
Trustees or custodians of HSAs for reporting contributions and account values.
03
Taxpayers who receive contributions from employers to their HSAs.
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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'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).
Do I report form 5498 on my tax return?
No. You aren't required to do anything with Form 5498 because it's for informational purposes only.
Why does form 5498 come out in May?
Due to carryback contributions that can be made up until tax filing date (typically April 15) of the following year, the IRS does not require IRS Form 5498s to be mailed until May 31 of the year following the tax year being reported.
Do I need to report form 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.
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.
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 happens if I don't report my HSA on taxes?
What happens if you don't report your HSA on taxes? You may owe penalties and interest for not reporting withdrawals of contributions on your tax return. For 2024, the interest rate for not paying taxes is 8%.
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What is Form 5498-SA?
Form 5498-SA is a tax form used to report contributions to Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs) for the tax year.
Who is required to file Form 5498-SA?
Trustees or custodians of HSAs and MSAs are required to file Form 5498-SA for each account holder who made contributions during the tax year.
How to fill out Form 5498-SA?
To fill out Form 5498-SA, report the account holder’s name, address, Social Security number, and the amount contributed to the HSA or MSA during the tax year, along with the fair market value of the account as of December 31.
What is the purpose of Form 5498-SA?
The purpose of Form 5498-SA is to provide the IRS with information about contributions to HSAs and MSAs, helping to ensure compliance with tax rules related to these accounts.
What information must be reported on Form 5498-SA?
Form 5498-SA must report the account holder's information, total contributions made during the year, and the fair market value of the account at year-end.
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