IRS Form 5498 SA: All you need to know

Updated on May 28, 2021 - 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 and distributions made to different types of health savings accounts. The health savings account can be a usual health savings account (HSA), Archer medical savings account (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?

5498 SA must be filed by the entity that maintains the health savings plan, and they are also referred to as the custodian or trustee of the account. If the account holder has more than one plan, a separate form must be completed for each plan. Apart from distributions, rollover contributions must also be included.

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

Visit https://www.taxbandits.com/form-5498-series/form-5498-sa-instructions/ to learn more

5. When is the deadline to file 5498 SA?

The deadline to file Form 5498 SA with the IRS and to mail the plan participant a form copy
is June 30, 2021.

6. Steps to file Form 5498 SA

Filing form 5498 SA online is an ideal choice to transmit the forms more easily than paper filing to the IRS. To begin e-filing Form 5498 SA, create a free account with TaxBandits. Then, follow the steps below:

  • Sign in to TaxBandits.

  • Go to Start New Form >> Form 5498 SA.

  • Choose Tax Year.

  • Type Trustee, Participant, and Form 5498 SA information.

  • Pay for services you choose and transmit the return to the IRS.

We also support postal mailing of the participant copies if you choose “Postal Mailing Service”. Get started now and E-file Form 5498 SA today!

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