If you contribute to a Health Savings Account (HSA), you may receive something in the mail called IRS Form 5498-SA (or see it in your HSA provider’s dashboard). But what exactly is this form and what are you supposed to do with it?
Let’s break it down.
IRS Form 5498-SA: A Summary of HSA Contributions
IRS Form 5498-SA is an informational tax form that shows how much money was contributed to your HSA during the tax year. It’s issued by your HSA provider, not the IRS, and it helps document your total contributions for federal tax purposes.
Most people only need to pay attention to the HSA section, but if you have an Archer MSA or Medicare Advantage MSA, those accounts are reported on the same form.
What’s Included on Form 5498-SA?
Form 5498-SA includes:
- Your name and HSA account info
- Total contributions made to your HSA (including your own and your employer’s)
- Rollovers or transfers from other accounts (if applicable)
- Fair market value of the account at year-end
These numbers are used to help confirm that:
- You did not exceed the HSA IRS contribution limits
- You qualify for any tax deductions you plan to claim
- Your contributions were correctly classified and reported
Do I Need to File It With My Taxes?
Nope. Form 5498-SA is for your records only. You don’t submit it with your tax return, but you should keep it in case of an audit and double-check that your tax filing matches what was reported by your HSA provider.
IMPORTANT NOTE: The form is often sent after the tax filing deadline (usually by May 31), because it includes contributions made up to the tax filing deadline that count for the previous year.
How Does It Differ From Form 1099-SA?
It’s easy to confuse Form 5498-SA with Form 1099-SA, but they cover opposite sides of the coin:
Together, these two forms help the IRS confirm that:
- Your contributions were within the annual limits
- Your distributions were for qualified medical expenses
What to Do When You Receive Form 5498-SA
- Review it for accuracy. Make sure it reflects the correct total contributions.
- Compare with your tax return. Double-check your reported contributions.
- Keep it on file. You don’t need to send it in, but it’s useful to retain for your records.
LegUp Health Can Help
Confused about your HSA contributions or worried about staying compliant? At LegUp Health, we help small businesses and employees make the most of tax-advantaged health accounts, including understanding the paperwork that comes with them.
Need help finding or understanding your HSA tax forms? Schedule a free consultation with our team.
