Do I have to enter form 5498-SA on my tax return?
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 is reported on form 5498-SA?
Form 5498-SA is a report of contributions to a Health Savings Account (HSA), Archer Medical Savings Account, or Medicare Advantage Medical Savings Account sent by the account manager, or trustee, to their respective account holders.
What if I got a 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.
How does 5498-SA affect taxes?
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.
What is form 5498-SA Box 5?
Box 5: This box shows the fair market value of your account as of December 31st, 2021.
What is difference between 5498-SA and 1099 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.
What is Box 2 on form 5498-SA?
Note: Box 2 on Form 5498-SA will include all amounts contributed during 2021, even if you elected to apply a portion of those contributions to the 2020 tax year. Therefore, in completing your tax return, you should refer to your Form W-2 to identify the amount of pre-tax contributions made during 2021.
Does form 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 do I do with 5498-sa tax form?
– 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.
Where do I enter form 5498-sa?
To enter 5498-SA, Box 1 – Employee or Self-employed person’s Archer MSA contributions made in Current tax year and Next tax year for Current tax year: Go to the Deductions section and then go to the screen, Archer Medical Savings Acct (8853) .
What is form 5498-sa and who provides it?
Form 5498-SA is an informational tax form related to Health Savings Accounts. It is provided by your HSA Trustee (or Custodian) and the IRS requires it be sent to you each year that you make contributions to your HSA. It provides the “official” accounting of your HSA for the year and documents:
Do I have to file 5498-sa?
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