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
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How to fill out IRS 5498-SA
Filling out the IRS 5498-SA requires careful attention to detail. Follow these steps:
01
Gather required personal information, including the participant's name and taxpayer identification number.
02
Input the amounts contributed to the Health Savings Account (HSA) during the tax year.
03
Provide any necessary information regarding employer contributions, if applicable.
Double-check for accuracy to avoid common mistakes while submitting this tax form. Using tools like pdfFiller can streamline this process.
About IRS 5498-SA 2021 previous version
What is IRS 5498-SA?
The IRS 5498-SA is a tax form used to report contributions to a Health Savings Account (HSA) or a Archer Medical Savings Account (MSA). This form is essential for individuals who have made contributions to these types of accounts in a given tax year and serves as a record for both the IRS and the account holder.
Who needs the form?
Taxpayers who have made contributions to an HSA or Archer MSA during the tax year should use IRS 5498-SA. This form is typically issued by the HSA or MSA trustee or custodian to report contributions. If you qualify for tax benefits related to these accounts, you will need this form for your records and tax filings.
Components of the form
IRS 5498-SA includes several key components, including personal information sections, a summary of contributions made, and designations for any applicable rollovers or transfers between accounts. Understanding these components is crucial for accurate completion of the form.
What information do you need when you file the form?
When filing IRS 5498-SA, you will need the following information:
01
Your taxpayer identification number (TIN) or Social Security number.
02
The name and address of the HSA or MSA trustee or custodian.
03
The total contributions made to the account during the tax year.
Ensure that you have all relevant details before completing the form to avoid discrepancies.
What is the purpose of this form?
The purpose of IRS 5498-SA is to provide the IRS with information regarding contributions made to Health Savings Accounts and Archer MSAs. It ensures that the contributions reported accurately reflect the amounts eligible for deductions on individual income tax returns. This form also helps taxpayers track their HSA balances and contributions over time.
When am I exempt from filling out this form?
You may be exempt from filing IRS 5498-SA if you did not contribute to an HSA or Archer MSA during the tax year. Additionally, if your account has been closed or if you are not the holder of an HSA or MSA, you are not required to submit this form.
What are the penalties for not issuing the form?
Failure to issue or file IRS 5498-SA may result in penalties, which can include fines levied by the IRS. Accurate and timely submission of this form is necessary to avoid complications that could impact your tax filings or eligibility for HSA tax benefits.
Is the form accompanied by other forms?
IRS 5498-SA is typically not submitted alongside other forms. However, it is important to keep it with your tax records, as you may need it to support your deductions when filing your income tax return. It works in conjunction with Form 8889, which is used for reporting HSA distributions.
Where do I send the form?
Typically, IRS 5498-SA is not sent directly by the taxpayer to the IRS. Instead, it is sent by the relevant custodian or trustee to the IRS and the account holder. Ensure that you receive your copy for your records, as it provides necessary details for your tax return.
FAQ about IRS 5498-SA
What should I do if I made a mistake on my IRS 5498-SA?
If you discover an error after filing your IRS 5498-SA, you should file a corrected form as soon as possible. You can indicate the correct information directly on the rectified form and resubmit it to the IRS. It's essential to keep records of your corrections in case the IRS requires clarification or follow-up.
How can I verify that my IRS 5498-SA has been processed?
To track the status of your IRS 5498-SA, you can use the IRS's online tools or call their helpline. Typically, you will want to allow a few weeks after submission before checking in, as processing times can vary based on volume. If you receive an error code upon e-filing, ensure that your details match IRS records.
What are common mistakes to avoid when submitting my IRS 5498-SA?
Common errors include incorrect names, Social Security numbers, or amounts reported. Always double-check all entries for accuracy and ensure that you're using the most updated software if e-filing. Being thorough can prevent delays and the need for corrections.
What should I do if I receive a notice from the IRS regarding my IRS 5498-SA?
If you receive a notice from the IRS about your IRS 5498-SA, carefully review the correspondence for specific instructions. It's important to respond promptly and provide any requested documentation. If needed, consider consulting a tax professional for assistance in navigating the situation.
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