Instructions for Filling Out Form 5498-SA

This document offers comprehensive guidance on completing Forms 1099-SA and 5498-SA for the year 2024, covering various topics such as transfers, HSA mistaken distributions, death of account holder, statements to recipients, and more.

In this article, we'll provide information on Form 5498-SA and a step-by-step guide on how to fill it out, keeping it straight to the point.

What is Form 5498-SA?

Form 5498-SA is a tax form provided by the Internal Revenue Service (IRS) used to report contributions made to a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage MSA (MA MSA) during a tax year.

This includes contributions made in the current year for the previous year and qualified HSA funding distributions (trustee-to-trustee transfers from an IRA to an HSA). The form, filed by the trustee or custodian of an HSA, Archer MSA, or MA MSA, is also used to report the fair market value of the account on December 31 of the tax year.

Who Must File Form 5498-SA?

Form 5498-SA must be filed by the trustee or custodian of a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage MSA (MA MSA) for each individual for whom they maintained such an account during 2024.

Form 5498-SA Tax Filing Deadlines and Due Dates

• Due date for furnishing statements to account holders: May 31, 2025
• Due date for filing with the IRS: May 31, 2025 (if filing on paper)
• Due date for filing with the IRS: June 30, 2025 (if filing electronically)

Form 5498-SA Late Payment Penalty

There is not a specific late payment penalty amount for Form 5498-SA, though it is essential to file the form on time to avoid potential penalties. The IRS may impose penalties for late filing, incorrect information, or failure to furnish statements to account holders. To ensure compliance, it is crucial to adhere to the due dates for furnishing statements to account holders and filing with the IRS.

Step-by-Step Instructions for Form 5498-SA

The step-by-step instructions for filling out Form 5498-SA are as follows:

1. File Form 5498-SA with the IRS on or before June 2, 2025, for each person for whom you maintained a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage MSA (MA MSA) during 2024.
2. Include any contribution made in 2024 for 2023 in Box 2. Also include qualified HSA funding distributions received by you during 2024.
3. Enter the total HSA or Archer MSA contributions made in 2025 for 2024 in Box 3.
4. Enter rollover contributions to the HSA or Archer MSA received by you during 2024 in Box 4. These amounts are not to be included in box 2.
5. Enter the Fair Market Value (FMV) of the account on December 31, 2024, in Box 5.
6. Check the box in Box 6 to indicate if this account is an HSA, Archer MSA, or MA MSA.

How to Submit Form 5498-SA

To submit Form 5498-SA, follow the detailed instructions provided by the IRS for each part of the form. Ensure accuracy and completeness when filling out the form, and adhere to the specified due dates for furnishing statements to account holders and filing with the IRS.

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