Does form 5498-SA need to be reported?

The 5498-SA tax form is used to report contributions to a health savings account (HSA). It is for informational purposes and is not required to file a tax return.

What should I do with form 5498-SA?

Form 5498-SA reports contributions to your Health Savings Account (HSA), Archer MSA, or Medicare Advantage MSA. You don’t enter this form into TurboTax; your account custodian sends it to you for informational purposes only. We recommend that you keep it with your tax return records.

What is the purpose of 5498-SA?

Form 5498-SA reports your annual contributions to these tax-free accounts that you use to pay for medical expenses. Contributions to similar accounts, such as Archer Medical Savings Accounts and Medicare Advantage MSAs will also warrant a Form 5498-SA. This form must be mailed to participants and the IRS by May 31.

Is 5498-SA reported to IRS?

While IRS form 1099-SA tracks disbursements from Health Savings Accounts (HSA) and Medical Savings Accounts (MSA), form5498-SAtracks contributions to those same accounts. This is an informational form only and doesn’t need to be filed with your income tax return.

Does 5498-SA include employer contributions?

How are my employer’s contributions reported? Your employer’s HSA contributions are reported on your W2 and included as part of the total account contributions listed on form 5498-SA.

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

IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year. IRS form 5498-SA shows the amount of money deposited into your HSA for the tax year. IRS form 8889 is the form you fill out and submit with your tax return.