IRS Form 5498 SA: All you need to know

Updated on May 23, 2024 - 10:30 AM by Admin, TaxBandits

The IRS requires every trustee/entity providing Health Savings Account to file this form 5498 SA to report contributions made for the tax year. Therefore, every participant should receive this Form 5498 SA from their trustee if they have HSA.

This article discusses everything you should know about Form 5498 SA, types of HSA available, deadline, and more. Continue to read on to complete Form 5498 SA!

In this article, we are addressing the following topics:

1. What is IRS Form 5498 SA?

Form 5498 SA is an IRS tax form that reports information about distributions made to various health savings accounts, such as a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage MSA (MA MSA). These distributions can be amounts paid directly to any medical service providers or account holders.

2. Plans included on the Form 5498 SA

There are three different types of health savings plans that must be reported on Form 5498 SA. These include the Health Savings Account (HSA), the Archer Medical Savings Account (MSA), and Medical Advantage MSA (MA MSA). Trustees who provide these accounts should file Form 5498-SA to the IRS. A separate Form 5498-SA must be filed for each medical plan.

3. Who is required to file Form 5498 SA?

Form 5498 SA is required to be filed by the entity responsible for administering the health savings plan, commonly known as the custodian or trustee of the account. If an account holder maintains multiple plans, a separate form must be completed for each plan. In addition to contributions, rollover contributions and the fair market value of HSA, Archer MSA, or Medicare MSA are also reported.

4. What information is reported on Form 5498 SA?

Trustees of these health savings accounts must report the following information that occurred during the current tax year.

  • Contributions made to the account
  • The Fair Market Value (FMV) of the account
  • Rollovers

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5. When is the deadline to file 5498 SA?

The deadline for filing Form 5498 SA with the IRS and distributing the form copy to the participant is
May 31, 2024.

6. How do you file Form 5498 SA with TaxBandits?

TaxBandits is an IRS-authorized e-file service provider supporting various tax forms, including 1099 series, 94x series, and ACA Forms. Follow these simple steps to e-file Form 5498 SA:

  • Step 1: Create a free TaxBandits account!

  • Step 2: Choose "Form 5498 SA" and the Tax Year.

  • Step 3: Enter the Trustee, Participant, and Form 5498 SA information.

  • Step 4: Review and Transmit to the IRS.

TaxBandits allows you to distribute your participant copies via postal mail or online access. We ensure that your completed 5498-SA form adheres to IRS business rules, guaranteeing accurate filing. TaxBandits securely maintains records of the transmitted 5498-SA forms for 7 years.

E-file Form 5498 SA for the 2023 tax year in advance through TaxBandits to avoid a last-minute rush.

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