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This form is used to report contributions to Health Savings Accounts (HSA), Archer Medical Savings Accounts (MSA), and Medicare Advantage MSAs. It includes information on contributions made by employees,
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How to fill out form 5498-sa
How to fill out Form 5498-SA
01
Obtain a copy of Form 5498-SA from the IRS website or your financial institution.
02
Fill in your name, address, and taxpayer identification number (usually your Social Security number).
03
Enter the type of account (HSA, Archer MSA, or Medicare Advantage MSA) in the designated section.
04
Report the total contributions made to your account for the tax year.
05
Indicate any rollover contributions, if applicable.
06
Enter the fair market value of the account as of December 31 of the tax year.
07
If applicable, provide information regarding distributions made from the account.
08
Double-check all information for accuracy before submitting.
09
Keep a copy for your records.
Who needs Form 5498-SA?
01
Individuals who have a Health Savings Account (HSA).
02
Account holders of Archer Medical Savings Accounts (MSAs).
03
Individuals with Medicare Advantage MSAs.
04
Taxpayers required to report contributions or distributions from these accounts.
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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), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs.
Who is required to file Form 5498-SA?
Form 5498-SA is required to be filed by trustees or custodians of HSAs, MSAs, or Medicare Advantage MSAs on behalf of account holders who made contributions during the year.
How to fill out Form 5498-SA?
To fill out Form 5498-SA, provide the account holder's name, address, and taxpayer identification number, and report contributions made to the account, as well as any amounts rolled over or transferred.
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, MSAs, and Medicare Advantage MSAs during the tax year.
What information must be reported on Form 5498-SA?
Form 5498-SA must report the account holder's personal information, the total contributions for the tax year, any rollover amounts, and the fair market value of the account as of December 31.
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