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This form is used to report contributions to Health Savings Accounts (HSA) and Archer Medical Savings Accounts (MSA) for tax purposes, and includes instructions for both participants and trustees
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How to fill out form 5498-sa
How to fill out Form 5498-SA
01
Obtain Form 5498-SA from the IRS website or your financial institution.
02
Enter the name, address, and Social Security number of the account holder.
03
Provide the account number for the Health Savings Account (HSA) or Archer Medical Savings Account (MSA).
04
Indicate the type of account by checking the appropriate box (HSA or Archer MSA).
05
Report the total contributions made to the account during the tax year.
06
Fill in the fair market value of the account as of December 31 of the tax year.
07
If applicable, report any rollovers or transfers into the account.
Who needs Form 5498-SA?
01
Individuals with a Health Savings Account (HSA).
02
Individuals with an Archer Medical Savings Account (MSA).
03
Trustees or custodians of HSA or Archer MSA accounts required to report contributions.
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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 Internal Revenue Service (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 is filed by trustees or custodians of HSAs and MSAs to report contributions made during the tax year.
How to fill out Form 5498-SA?
To fill out Form 5498-SA, the trustee or custodian needs to enter the account holder's information, report the contributions made to the account, and provide any applicable information about the accounts, such as fair market value.
What is the purpose of Form 5498-SA?
The purpose of Form 5498-SA is to inform the IRS and the account holder of the contributions made to HSAs and MSAs during the tax year, ensuring accurate reporting for tax purposes.
What information must be reported on Form 5498-SA?
Form 5498-SA must report the account holder's name, address, taxpayer identification number, account balance at year-end, contributions made during the year, and any rollover contributions.
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