What is Form 5498-SA?
Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, is used by trustees and custodians of Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs to report contributions made to these accounts.
Who Issues Form 5498-SA?
The trustee or custodian of your HSA, Archer MSA, or MA MSA (typically a bank, insurance company, or other financial institution) must issue this form.
When is Form 5498-SA Issued?
Trustees must provide Form 5498-SA to account holders by May 31 for the previous tax year. This later deadline (compared to Form 1099-SA's January 31 deadline) allows time for contributions made up to the tax filing deadline to be included.
What Information Does Form 5498-SA Show?
The form reports:
- Total contributions made during the year
- Rollover contributions
- Fair market value of the account as of December 31
- The type of account (HSA, Archer MSA, or MA MSA)
Why is Form 5498-SA Important?
This form helps you:
- Verify your HSA contributions for tax purposes
- Ensure you didn't exceed contribution limits
- Complete Form 8889 (HSA) or Form 8853 (MSA) with your tax return
HSA Contribution Limits
For 2024:
- Self-only coverage: $4,150
- Family coverage: $8,300
- Age 55+ catch-up: Additional $1,000
Contributions made by April 15, 2025, can be counted toward your 2024 limit.
Do You Need to File Form 5498-SA With Your Tax Return?
No. Form 5498-SA is informational only. You don't submit it with your tax return, but you should keep it with your tax records. You'll use the information to complete Form 8889 or Form 8853.
Official Source: IRS Form 5498-SA
