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IRS Form 5498-SA Hsa, Archer Msa, or Medicare Advantage Msa Information
What Is IRS Form 5498-SA?
IRS Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information , is a formal document used by particular healthcare-related savings account custodians and trustees to furnish information about the contributions made to those accounts.
Alternate Name:
- Tax Form 5498-SA.
The contributions in question are supposed to lower the amount of taxable income - provide a summary of the contributions to fiscal authorities and inform the participants about the requirement to replicate taxable distributions from the accounts on their annual income statements.
This document was released by the Internal Revenue Service (IRS) in 2023 - older editions of the form are now obsolete. An IRS Form 5498-SA fillable version is available for download below.
What Is Form 5498-SA Used For?
If you are a custodian or trustee of a medical savings account you have set up with a financial institution (it may be an insurance company or bank) and you maintain this account for another individual, you must prepare and file Form 5498-SA annually. Generally, it is the responsibility of the employer to report the contributions to the accounts the employees are eligible for but certain savings accounts are not related to the work status of the individual.
Those savings accounts let participants save money and handle various healthcare expenses their regular insurance plans do not cover which means the participants do not owe tax on the funds they deposit in the accounts. If the participant preferred to close their medical savings account during the calendar year outlined in the form and there were no contributions before this decision, they will not receive a copy of the Tax Form 5498-SA. If the participant has died during the same time, the custodian or trustee that manages the account is required to send a copy of the document to their beneficiary.
Form 5498-SA Instructions
Follow these Form 5498-SA instructions to let tax organizations know about the contributions you have made to medical savings accounts during the tax year:
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Check the box to inform tax authorities they have to disregard the form you filed previously or tell them you are sending an updated document since you found out the mistake after you submitted the form for the first time.
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Identify the custodian or trustee - you have to state their full name, address, telephone number, and taxpayer identification number . List the details of the participant as well - the document you send to them may include only the last four digits of their taxpayer identification number to protect their identity; however, when you prepare the papers for the IRS, the number has to be written properly. The form should contain the number of the account - in some instances, the participant has several accounts which is why it is important to differentiate between them for the purposes of this form.
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Indicate the amount of contributions you made during the time period covered in writing . Make sure you list those contributions separately as well as record the total amount. Enter the rollover contributions in the designated field, specify the market value of all accounts, and put a tick in the box to select the type of account you have described. It is essential to include the rollovers otherwise the participant may get extra tax obligations to deal with.
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Make three copies of the 5498-SA Form - retain one of them in your records, send the other to the beneficiary, and submit the document to the IRS as well . You may submit the paperwork electronically or submit it to the processing center with IRS Form 1096, Annual Summary and Transmittal of U.S. Information Returns, attached to it. Note that the due date for the filing with fiscal authorities is May 31; the custodian or trustee is also obliged to send the information to the participant by May 31. The participant is not expected to file the form with their income statement - they simply get to keep this document in their personal records.
In addition to this, IRS Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and Form 5498-SA are both related to health savings accounts. The purpose of Form 1099-SA is reporting distributions to an account, while Form 5498-SA is for reporting contributions to an account.
Haven't found the form you're looking for? Take a look at the related forms below:
Download IRS Form 5498-SA Hsa, Archer Msa, or Medicare Advantage Msa Information
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