What is tax form 5498-SA?
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. Completing Form 5498-SA You are only responsible for completing form 5498-SA if you’re the custodian of […]
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.
Completing Form 5498-SA
You are only responsible for completing form 5498-SA if you’re the custodian of an HSA or MSA account that benefits another person. You must report current year contributions and prior year rollover amounts on this form. Should the account holder die during the reporting year, a copy of this form must be provided to their next of kin for reporting purposes.
Final Tips
Once you receive form 5498-SA, check it carefully to make sure your contribution and rollover amounts have been correctly recorded and reported. Keep this form with your other tax paperwork, should you need it for future questions.
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