Future developments. For the latest information about developments related to published go to www.irs.gov/form5498sa. Copy C For Trustee Certain To complete Form 5498-SA use Returns and The 2017 Instructions for Forms 1099-SA and 5498-SA. This amount isn t included in box 1 2 or 3. Box 5. Shows the fair market value of your HSA Archer MSA or MA MSA at the end of 2017. Other information. 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. 1220. developments related to Form 5498-SA and its instructions such as legislation enacted after they were Need help If you have questions about reporting on service site toll free at 1-866-455-7438 or 304-263-8700 not toll free. VOID CORRECTED TRUSTEE S name street address city or town state or province country ZIP or foreign postal code and telephone number 1 Employee or self-employed person s Archer...MSA contributions made in 2017 and 2018 for 2017 OMB No. 1545-1518 2 Total contributions made in 2017 Form 5498-SA TRUSTEE S federal identification number PARTICIPANT S social security number HSA Archer MSA or Medicare Advantage MSA Information 3 Total HSA or Archer MSA contributions made in 2018 for 2017 PARTICIPANT S name 4 Rollover contributions 5 Fair market value of HSA Archer MSA or MA MSA 6 HSA Street address including apt. no. Archer MSA City or town state or province country and ZIP or...foreign postal code MA MSA Account number see instructions Cat. No. 38467V www.irs.gov/form5498sa Copy A For Internal Revenue Service Center File with Form 1096. For Privacy Act and Paperwork Reduction Act Notice see the 2017 General Instructions for Certain Information Returns. Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page Do Not Cut or Separate Forms on This Page CORRECTED if checked Participant Copy B keep for your records This information is...being furnished to the Internal Revenue Service. account HSA Archer medical savings account MSA or Medicare Advantage MSA MA MSA. Generally contributions you make to your Archer MSA are deductible. Employer contributions are excluded from your income and aren t deductible by you. If your employer makes a contribution to one of your Archer MSAs you can t contribute to any Archer MSA for that year. If you made a contribution to your Archer MSA when your employer has contributed you can t deduct...your employer makes a contribution to your spouse s Archer MSA you can t make a contribution to your Archer MSA if your spouse is covered under a high deductible health plan that also covers you. Contributions that the Social Security Administration makes to your MA MSA aren t includible in your gross income nor are they deductible. Neither you nor your employer can make contributions to your MA MSA. your HSA are deductible on your tax return* Employer contributions to your HSA may be excluded...from your income and aren t deductible by you.
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How to fill out IRS 5498-SA
Instructions and Help about IRS 5498-SA
How to edit IRS 5498-SA
To edit the IRS 5498-SA form, utilize tools provided by pdfFiller for convenient modification. This enables users to correct any inaccuracies or update information as necessary before submitting the form. After making changes, double-check all entries to ensure they meet IRS requirements.
How to fill out IRS 5498-SA
To correctly fill out the IRS 5498-SA form, follow these steps:
01
Obtain the form from the IRS website or use pdfFiller for online access.
02
Enter your personal information, including name, address, and Social Security number.
03
Provide details of your Health Savings Account (HSA) contributions for the tax year in question.
04
Verify that the information aligns with your financial records and any other related IRS forms.
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About IRS 5498-SA 2020 previous version
What is IRS 5498-SA?
IRS 5498-SA is a tax form used to report contributions to a Health Savings Account (HSA) or Archer Medical Savings Account (MSA). This form is typically issued by financial institutions or account trustees to report contributions made by or for the account holder to the IRS. The IRS collects this information to ensure tax compliance related to these specific accounts.
Who needs the form?
IRS 5498-SA is needed by individuals who have made contributions to an HSA or Archer MSA within the tax year. Financial institutions are required to issue this form to account holders and the IRS, detailing contributions made by the individual or on their behalf. If you have not contributed to these accounts, you do not need this form.
Components of the form
IRS 5498-SA consists of various sections that collect key information about your health savings accounts. Major components include your personal identification information, account type, and the total contributions reported for the year. Each section is important for ensuring clarity and proper documentation for tax purposes.
What information do you need when you file the form?
When filing IRS 5498-SA, you need your personal information such as name, address, and Social Security number. Additionally, be prepared with details of contribution amounts made during the tax year as well as any relevant account numbers. Accurate data is important for compliance and ensuring you receive the appropriate tax benefits.
Where do I send the form?
IRS 5498-SA should be filed by the financial institution with the IRS by the due date established by the IRS for tax filings. As an account holder, you usually do not need to mail this form unless specifically instructed to do so. It is important to keep a copy for your records, especially when filing your tax return.
What is the purpose of this form?
The purpose of IRS 5498-SA is to provide the IRS with information regarding the contributions made to your health accounts in a specific tax year. This form helps in understanding the contributions, fair market value of the accounts, and any rollovers that may have occurred. Proper completion of this form is necessary for accurate tax reporting.
When am I exempt from filing out this form?
You may be exempt from completing IRS 5498-SA if you have not made any contributions to an HSA or an Archer MSA in the reporting year. Additionally, if you are not the account holder or beneficiary of such a tax-advantaged account, you do not need to fill out this form. If you received a form but did not contribute, reviewing it for accuracy may still be prudent.
What are the penalties for not issuing the form?
Failure to issue or accurately complete IRS 5498-SA can result in penalties for the financial institution. Additionally, if discrepancies arise related to the contributions reported, this could affect the account holder's tax filings, potentially leading to further penalties or interest. It is crucial for both parties to ensure the accuracy of this form.
Is the form accompanied by other forms?
IRS 5498-SA is typically submitted by the financial institution or account custodian and may be accompanied by other forms related to specific tax or health savings accounts. For example, Form 8889 is used in conjunction with an HSA to report distributions and to complete the tax return accurately. Make sure to check for any additional forms that may be necessary for your specific tax situation.
FAQ about IRS 5498-SA
How can I correct an error on my form 5498 sa after submission?
If you discover an error on your form 5498 sa after it has been submitted, you should file an amended form. Clearly indicate any corrections made and ensure it's completed accurately. Retain documentation related to the changes for your records.
What should I do if I didn't receive a notice after filing my form 5498 sa?
If you haven't received a confirmation after filing your form 5498 sa, it's advisable to check the status through your filing service or the IRS e-file tracking system. Keep a record of your submission in case you need to follow up.
Are e-signatures accepted for form 5498 sa submissions?
Yes, e-signatures are generally accepted for form 5498 sa filings, provided that they comply with the IRS standards for electronic signatures. Always check for the latest guidelines on signature acceptability when filing electronically.
What privacy measures should I take when submitting form 5498 sa electronically?
When filing form 5498 sa electronically, ensure that you are using a secure network and an up-to-date browser. Protect your personal information by using strong passwords and enabling two-factor authentication where available.
Can I file form 5498 sa on behalf of someone else?
Yes, you can file form 5498 sa on behalf of another person if you have Power of Attorney (POA) authority. Make sure to maintain documentation of your authority to file and provide required information accurately.
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