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Form 5498-SA: The Easy Tax Guide to HSA Contributions

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    Tax Form Questions

    What is Form 5498-SA Used For?

    Form 5498-SA details contributions made to Health Savings Accounts (HSA), Archer Medical Savings Accounts (MSA), or Medicare Advantage (MA) MSAs. Taxpayers who receive this form should keep it for their records, but they don’t have to report anything from this form on their tax returns. 

    The custodians of HSAs and MSAs, however, need to understand how to fill out this form and the rules for filing it. This guide is designed to point you in the right direction if you’re the custodian of an HSA, Archer MSA, or MA MSA account and have questions about what to do with Form 5498-SA. 

    When Form 5498-SA Is Needed

    You must file Form 5498-SA  for each person you maintained an HSA, Archer MSA, or MA MSA for during the tax year, and you should file a separate form for each account they have with you. Here are some specific situations you need to understand.

    Contributions Made Between January 1 and April 15

    HSA and MSA plan holders are allowed to choose how they want to designate contributions made between the first of the year and the tax return due date. They can opt to have those contributions count during the current year or the previous tax year. Talk with plan holders about which year they want to designate contributions made during this time frame. 

    A contribution made in February 2022, for example, can be considered as part of the plan holder’s 2021 or 2022 contributions. Note the deadline is usually April 15, but if that date falls on a weekend or holiday, the deadline moves to the next business day.

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    You must report all qualifying rollovers as contributions on Form 5498-SA. This includes rollovers from an Archer MSA to another Archer MSA or from an Archer MSA or an HSA to an HSA. You don’t have to report trustee-to-trustee transfers, however, unless they’re from an Independent Retirement Account (IRA) to an HSA.

    Account Holder Deaths

    You should file Form 5498-SA if the plan holder made contributions but also died at some point during the year. The account will cease to be an HSA, Archer MSA, or MA MSA if there is no designated beneficiary or if the beneficiary is not a spouse. The spouse can become the account holder of an HSA or Archer MSA, but if they inherit an MA MSA, it’s treated like an Archer MSA, and they cannot make any new contributions.

    You do not have to issue Form 5498-SA if the account holder took a total distribution but didn’t make any contributions during the year. You can also choose to issue a report of the account’s fair market value (FMV) to the account holder at the end of the year if they didn’t make any contributions during the year. You don’t have to provide the account holder with Form 5498-SA if you issue the FMV report, but you do have to send the Internal Revenue Service (IRS) a copy of Form 5498-SA, as usual.

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    How to Fill Out Form 5498-SA

    Form 5498-SA requires basic information about the trustee’s name, address, and tax identification number (TIN), as well as the participant’s TIN, address, and HSA or MSA account number. You can truncate the participant’s TIN on their copy of this form, but you must include their full TIN on the copy you send to the IRS. 

    You should file a separate form for each account, and you should include the following information:

    Form 5498-SA Box 1

    Box 1 of Form 5498-SA is for the plan holder’s regular Archer MSA contributions made in the tax year. You should also include contributions made at the beginning of the current year that have been designated to be counted in the previous tax year, as explained above.

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    Form 5498-SA Box 2

    Box 2 is for the total HSA and Archer MSA contributions made during the tax year and any contributions made during the tax year that were designated for the previous tax year. You should include contributions made during 2021 but already counted for tax year 2020, for example, if you’re filling out this form to report contributions made during 2021. 

    Form 5498-SA Box 3

    This box is for the total HSA and Archer MSA contributions made during the current year and earmarked for the last tax year. You should, for example, include all contributions made in 2022 and designated for year 2021 in this box if you’re filling out the form to report contributions for 2021. 

    Form 5498-SA Box 4

    Put rollover contributions, as defined above, to HSAs and Archer MSAs in this box. Note that the amounts reported in box 4 should not be included in the total noted in box 2.

    Form 5498-SA Box 5

    This is where you put the fair market value of the HSA, Archer MSA, or MA MSA on the last day of the tax year. You should note the FMV of the account on December 31, 2021, for example, if you’re filling this form to report contributions made during the 2021 tax year.

    Form 5498-SA Box 6

    You’re done after you deal with box 6. This space just needs you to put a checkmark to indicate if the account is an HSA, an Archer MSA, or an MA MSA. 

    You need to file this form by May 31 of the year following the year the contributions were made. A Form 5498-SA, for example, that details contributions made in 2021 needs to be filed by May 31, 2022. The form doesn’t need to reach the account holder or the IRS by this date — it just needs to be postmarked by this date.

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    Contact Silver Tax Group With Questions About Form 5498-SA

    Silver Tax Group helps individuals and businesses deal with unfiled returns, reports, and other tax-related issues. We can help you if you have forgotten to file Form 5498-SA or if you’re dealing with any other problems with the IRS or state tax agencies.

    Contact our team of experienced tax attorneys today for help resolving any IRS concerns and getting back into compliance with federal, state, and local tax agencies.

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