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This form is used to report contributions to Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), or Medicare Advantage MSAs. It provides detailed information about contributions
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How to fill out form 5498-sa - irs
How to fill out Form 5498-SA
01
Gather your personal information, including Social Security Number (SSN) and tax identification details.
02
Obtain Form 5498-SA from the IRS website or your financial institution.
03
Fill in your name and address in the designated sections.
04
Provide your SSN in the appropriate field.
05
Enter the type of account: Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA.
06
Report the total contributions made to the account during the tax year.
07
Indicate any rollovers or transfers from other accounts, if applicable.
08
If applicable, report the fair market value of the account at the end of the tax year.
09
Review the form for accuracy and completeness.
10
Submit the form to the IRS by the due date, or keep it for your records if not required to file.
Who needs Form 5498-SA?
01
Individuals who have made contributions to a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA during the tax year.
02
Financial institutions that are required to report contributions made to these accounts.
03
Beneficiaries of an account holder who has passed away, if applicable.
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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 an IRS form used to report contributions to Health Savings Accounts (HSAs) and Archer Medical Savings Accounts (MSAs).
Who is required to file Form 5498-SA?
Form 5498-SA must be filed by the trustee or custodian of an HSA or MSA to report contributions made to these accounts during the tax year.
How to fill out Form 5498-SA?
To fill out Form 5498-SA, the trustee or custodian should include the account holder's information, the type of account, the contributions made for the tax year, and any other required details as specified by the IRS.
What is the purpose of Form 5498-SA?
The purpose of Form 5498-SA is to provide the IRS and the account holder with information about contributions to HSAs and MSAs, ensuring that these contributions comply with tax regulations.
What information must be reported on Form 5498-SA?
Form 5498-SA must report the account holder's name, address, Social Security number, account number, the type of account (HSA or MSA), contributions made during the year, and any rollovers or transfers.
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