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What Information is Required to E-File
Form 5498-SA Online?
- Trustees Details: Name, TIN, Address, and Contact Information
- Participant’s Details: Name, TIN, Address, and Contact Information
- Contribution Details
- Fair Market Value (of HSA, Archer MSA, MA MSA)
- Type of account
Are you ready to file your 5498-SA Form? Get started with your free TaxBandits account!
Visit https://www.taxbandits.com/form-5498-series/form-5498-sa-instructions/ to know more.
How To E-File Form 5498-SA Online?
- Create a FREE TaxBandits account
- Select “Form 5498-SA”
- Enter Trustee’s Details (Name, TIN, Address)
- Enter Participant’s Details (Name, TIN, Address)
- Enter Contribution & Rollover information
- Review, Pay & Transmit Form 5498-SA directly to the IRS.
While filing your Form 5498-SA return with TaxBandits, you also have the option of postal mailing participant copies. Simply select the Postal Mail option and we will take care of the rest!
Frequently Asked Questions
What is Form 5498-SA?
IRS Tax Form 5498-SA is an informational form that reports the total contributions made towards a Health Savings Account (HSA), Archer Medical Savings Accounts (MSA), and Medical Advantage MSA (MA MSA) to the IRS. You are required to file if you are the trustee or custodian of an HSA, Archer MSA, or MA MSA with a separate form for each type of plan. You must report the receipt of a rollover from one Archer MSA to another Archer MSA, and receipt of a rollover from an Archer MSA or an HSA to an HSA.
Note: Do not report a trustee-to-trustee transfer from one Archer MSA or MA MSA to another Archer MSA or MA MSA, one Archer MSA to an HSA, or from one HSA to another HSA. For reporting purposes, contributions and rollovers do not include these types of transfers. You are not required to file Form 5498-SA if a total distribution was made from an HSA or Archer MSA during the year and no contributions were made for that year. To learn more about Form 5498-SA, visit irs.gov.
When is Form 5498-SA E-Filing Deadline for 2022 Tax Year?
The Form 5498-SA due to the participant (Other types of IRAs) is by May 31, 2023.
The deadline for E-filing Form 5498-SA with the IRS is May 31, 2023.
What are the changes to the IRS Reporting after the Death of the Account Holder?
In the year an HSA, Archer MSA, or MA MSA owner dies, generally you must file a Form 5498-SA and furnish a statement for the decedent. If the designated beneficiary is the surviving spouse, the following will apply.
- The spouse becomes the account holder of the HSA or Archer MSA.
- An MA MSA is treated as an Archer MSA of the spouse for distribution purposes, but no new contributions may be made to the account.
If the designated beneficiary is not the spouse or there is no designated beneficiary, the account ceases to be an HSA, Archer MSA, or MA MSA.
Helpful Resource for Form 5498 SA
IRS Form 5498 SA
Get to know about the Form 5498 SA. This resource article provides you with the information of who should file it and other necessary information.