Do I have to report 5498-SA on my tax return?

Do I have to report 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 do I do if I have 5498-SA?

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.

Where do I enter information from form 5498-SA on my tax return?

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.

Why did I get a 1099-SA but not 5498-SA?

You can get your 1099-SA and 5498-SA forms when you click the “Message Center” tab and then the “View Statements” link. You won’t get a 5498-SA form if you didn’t have contributions and your balance was zero dollars at the end of the year.

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.

Does 5498-SA go to IRS?

This information is not reported to the IRS. The HSA Beneficiary Summary section of your Form 5498-SA provides a detailed list of the beneficiaries on file for your Fidelity HSA as of April 30, 2022.

How do I enter 5498-SA on TaxAct?

Health Savings Account (HSA)

1. From within your TaxAct® return (Online or Desktop), click on the Federal tab.
2. Click Health Savings Accounts (HSA) to expand the category and then click All HSA topics.
3. The program will proceed with the interview questions for you to enter the appropriate information.

Is a 5498-SA the same as 1099-SA?

The 1099-SA HSA document will be used to report information to the IRS, while the 5498-SA is only for your own informational purposes. Although HSAs have triple-tax advantages, you are required to report distributions to the IRS.

How does a 1099-SA affect my taxes?

The IRS requires you to prepare Form 8889 and attach it to your tax return when you take a distribution from an HSA. However, if your 1099-SA indicates you did not use the distribution for qualified medical expenses, you will pay income tax on the portion you used for unqualified expenses.

Who must file form 5498?

Depending on the type of IRA you have, you may need Form 5498 to report IRA contribution deductions on your tax return. Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer—not you—is required to file this form with the IRS, usually by May 31.

Who fills out form 5498?

The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account. For information about IRAs, see Pubs.