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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, including details about contributions from employees
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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 other authorized sources.
02
Fill in your name and address in the designated fields.
03
Enter your Social Security Number (SSN) or Taxpayer Identification Number (TIN).
04
Indicate the type of account by checking the appropriate box (HSA, Archer MSA, or Medicare Advantage MSA).
05
Report the contributions made during the tax year in the appropriate section.
06
Provide the total fair market value of the account as of December 31 of the tax year.
07
If applicable, report rollover contributions.
08
Sign and date the form where required before submitting it.
09
Keep a copy of the filled form for your records.
Who needs Form 5498-SA?
01
Individuals who have contributed to a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA during the tax year.
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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).
Who is required to file Form 5498-SA?
Financial institutions that maintain HSAs or MSAs are required to file Form 5498-SA to report contributions made to these accounts during the tax year.
How to fill out Form 5498-SA?
To fill out Form 5498-SA, you need to provide information such as the account holder's name, Social Security number, the contributions made during the year, and the fair market value of the account at year-end.
What is the purpose of Form 5498-SA?
The purpose of Form 5498-SA is to inform the IRS and account holders about contributions to HSAs and MSAs for tax reporting purposes, ensuring compliance with tax regulations.
What information must be reported on Form 5498-SA?
Form 5498-SA must report details such as the account holder's details, contributions to the account, rollover contributions, and the fair market value of the account at the end of the year.
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