5498 Forms › What is Form 5498-SA? HSA and MSA Contribution Reporting
At a Glance
Understanding IRS Form 5498-SA
Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) is used by trustees and custodians to report contributions made to Health Savings Accounts (HSAs), Archer Medical Savings Accounts, and Medicare Advantage MSAs.
This form is the contribution counterpart to Form 1099-SA, which reports distributions from these accounts.
Who Must File Form 5498-SA?
Form 5498-SA must be filed by trustees and custodians of:
- Health Savings Accounts (HSAs)
- Archer Medical Savings Accounts (MSAs)
- Medicare Advantage MSAs
A form must be filed for each account that received contributions during the tax year.
Form 5498-SA Box Breakdown
| Box | Description |
|---|---|
| 1 | Employee or self-employed person's contributions (including employer contributions through cafeteria plan) |
| 2 | Total contributions made in the current year for the prior year |
| 3 | Total HSA or Archer MSA contributions made in the current year |
| 4 | Rollover contributions |
| 5 | Fair market value of HSA, Archer MSA, or MA MSA |
| 6 | Account type checkbox (HSA, Archer MSA, or MA MSA) |
HSA Contribution Limits
HSA contribution limits are adjusted annually for inflation. The limits depend on whether the account holder has self-only or family HDHP coverage:
- Self-only coverage: Annual limit applies
- Family coverage: Higher annual limit applies
- Catch-up contributions: Additional amount for age 55 and older
Trustees report all contributions regardless of whether they exceed limits.
Employer Contributions
Employer contributions to an employee's HSA are included in Box 1 if made through a cafeteria plan. Direct employer contributions (not through a cafeteria plan) are reported separately on the employee's W-2 in Box 12 with code W.
Fair Market Value Reporting
Box 5 reports the fair market value of the account as of December 31. This information helps account holders track their HSA balances for tax planning purposes.
E-File Form 5498-SA with BoomTax
E-file your Form 5498-SA with the IRS using BoomTax. Our platform is designed for HSA custodians and financial institutions.
Import Your Form 5498-SA Data
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E-File & Mail Employee Copies
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Filing Deadline
Form 5498-SA is due May 31 following the tax year of the contribution. For details, see our Form 5498-SA due date guide.
Related Forms
- Form 1099-SA: Reports distributions from HSAs and MSAs
- Form 5498: Reports IRA contributions
External Resources
Health Savings Account Types at a Glance
| Account Type | Box 6 Code | Eligibility |
|---|---|---|
| HSA | Health Savings Account | Enrolled in High Deductible Health Plan (HDHP) |
| Archer MSA | Archer Medical Savings Account | Self-employed or small employer (50 or fewer employees) |
| MA MSA | Medicare Advantage MSA | Enrolled in Medicare Advantage MSA plan |
Frequently Asked Questions About Form 5498-SA
Form 5498-SA reports contributions going INTO an HSA/MSA (money deposited), while Form 1099-SA reports distributions coming OUT (money withdrawn). Think of 5498-SA as the "deposits" form and 1099-SA as the "withdrawals" form.
It depends on how the contribution is made. Employer contributions made through a cafeteria plan (Section 125) are reported in Box 1 of Form 5498-SA. Direct employer contributions not through a cafeteria plan are reported on the employee's Form W-2 in Box 12 with code W, not on Form 5498-SA.
Box 2 reports contributions made in the current calendar year for the prior tax year. For example, if someone makes an HSA contribution in February 2024 and designates it for tax year 2023, that amount goes in Box 2. This is possible because HSA contributions (like IRA contributions) can be made until the April tax filing deadline.
If there were no contributions and no rollover activity during the year, you are not required to file Form 5498-SA. However, if you want to report the year-end fair market value (Box 5) for the account holder's records, you may file voluntarily. Many custodians file for all accounts to provide complete records.
Rollover contributions (including trustee-to-trustee transfers and 60-day rollovers) are reported in Box 4 of Form 5498-SA. The outgoing trustee reports the distribution on Form 1099-SA, while the receiving trustee reports the rollover on Form 5498-SA. Only one rollover per 12-month period is allowed.
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BoomTax and its affiliates do not provide tax, legal, or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. You should consult your own tax, legal, and accounting advisors prior to engaging in any transaction.