Form 5498-SA

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What is Form 5498-SA? 

Form 5498-SA is also called “HSA, Archer MSA, or Medicare Advantage MSA Information.” It is a form of the Internal Revenue Service (IRS) and is used to report contributions to a health savings account or HSA. 

Who needs to file Form 5498-SA? 

If you are the trustee or custodian (not the account holder) of the following types of accounts:

It is your responsibility to report the contributions from the current year and any rollover amounts on these accounts. You need to file a separate Form 5498-SA for each type of plan and for each person for whom you maintain the account. The due date for filing Form 5498-SA to the IRS is May 31.  

Am I required to file Form 5498-SA to the IRS if I am an account holder of a health savings account?

If you are the account holder, you may receive a copy of Form 5498-SA from the custodian of your HSA or MSA. However, you are not required to file this form to the IRS. Review it to check if the information is accurate and updated and keep your copy of Form 5498-SA for your record. You do not need to report your HSA contributions to the IRS. 

In an organization, all employees who are enrolled in an HSA-based plan should receive Form 5498-SA from their bank or provider. This is so that they can keep track of their contributions as well as contributions from other sources. 

What is the difference between Form 5498-SA and Form 1099-SA? 

While Form 5498-SA and Form 1099-SA both deal with health savings accounts (HSAs) and medical savings accounts (MSAs), they focus on different things. Form 5498-SA is concerned with contributions going into an HSA and MSA. On the other hand, Form 1099-SA is concerned with distributions or disbursements coming from an HSA and MSA. Simply put, Form 5498-SA is about funds going in, and Form 1099-SA is about funds going out. 

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