If you had an HSA last year, you likely received IRS Form 5498-SA in recent weeks. If you are new to an HSA or maybe just need a refresher, here is what you need to know about it.
What is IRS Form 5498-SA?
IRS 5498-SA is primarily used to report total contributions made to an HSA for a given tax-year, along with the fair market value of the HSA. If you deposited HSA funds as a rollover from another account, these will also be reported on it. Note: If HSA funds moved directly from one account to another as a trustee-to-trustee transfer, it is not a reportable event for tax purposes.
What should I do with IRS Form 5498-SA?
Generally, you will just keep it for your records and there is no action that is required. If there is a discrepancy between what you reported on your taxes and what is listed, you may need to contact your HSA custodian to confirm all contributions are coded and reported correctly. If an error is detected with your HSA records, the HSA custodian may issue you a Corrected 5498-SA. If a discrepancy impacts what should have been reported on your taxes, you may need to file an amended return.
Why am I receiving IRS Form 5498-SA in May?
With an HSA, much like an IRA, you have until the tax filing deadline (typically April 15) to make contributions for the prior year. In order to include contributions made between January 1 and April 15 for the prior year, the HSA custodian will wait until after April 15 to complete the forms. IRS Form 5498-SA must be provided by May 31.
If you would like to learn more about IRS Form 5498-sa, please visit IRS.gov.