Form 5498-SA: How It Affects Your Taxes

Form 5498-SA shows how much money went into your Health Savings Account (HSA) or other MSAs during the year. Your bank or HSA custodian sends a copy to both you and the IRS. You don’t attach this form to your tax return, but you’ll need it to complete Form 8889 for an HSA.

It confirms contributions, rollovers, and the December 31 fair market value. Knowing how to use it helps you avoid missed deductions and penalties. The HSA limits are $4,150 for self-only coverage and $8,300 for family coverage, plus a $1,000 catch-up if you’re 55 or older. IRA contribution limits matters if you’re comparing savings strategies. Go over the limit and don’t fix it? The IRS may hit you with a 6% excise tax.

Form 5498-SA is not the same as Form 1099-SA. The 5498-SA reports money going in; the 1099-SA reports money coming out. You’ll often need both when filing.

What Is Form 5498-SA?

This form reports contributions and the year-end balance for HSAs, Archer MSAs, and Medicare Advantage MSAs. It includes:

  • Total contributions (Box 2)
  • Prior-year contributions made after year-end (Box 3)
  • Rollovers (Box 4)
  • Fair market value on December 31 (Box 5)
  • Account type (Box 6)

You don’t file it yourself. Instead, it backs up entries on Form 8889 for your HSA.

5498-SA vs. 1099-SA

  • Form 5498-SA → Reports contributions and year-end balance.
  • Form 1099-SA → Reports distributions, including withdrawals and earnings on excess contributions.

Use both to reconcile deposits and withdrawals.

Who Sends It and When

Your HSA trustee or custodian (like a bank, credit union, or administrator) files the form with the IRS and sends you a copy. Deadlines:

  • By early February → Some providers send an FMV snapshot.
  • By June 1 → The official Form 5498-SA must be furnished.

If you had no contributions, you may only receive an FMV statement, not a full form.

Accounts Covered

Form 5498-SA applies to three account types:

  • HSAs – Shows individual, employer, and rollover contributions plus December 31 value.
  • Archer MSAs – Reports contributions under legacy rules and qualified rollovers.
  • Medicare Advantage MSAs – May show government-funded deposits and year-end value.

Each account gets its own form, even if held at the same bank.

Form 5498-SA

Key Boxes to Know

  • Box 2 – Total contributions: All deposits during the year, including employer amounts. show up on your W-2 in Box 14 codes
  • Box 3 – Prior-year contributions: Deposits made Jan–April that you assigned to the prior year.
  • Box 4 – Rollovers: Funds moved from another HSA/MSA. (Direct trustee-to-trustee transfers are not reported.)
  • Box 5 – Fair market value: Your balance on December 31.
  • Box 6 – Account type: Confirms whether it’s an HSA, Archer MSA, or MA MSA.

Why It Matters for Your Taxes

Form 5498-SA helps you:

  • Complete Form 8889 accurately.
  • Confirm employer contributions and rollovers.
  • Match year-end balances with your statements.
  • Catch excess contributions before penalties apply.

Keep it with your tax records don’t attach it to your return.

Excess Contributions and Penalties

  • Go over the limit? You may owe a 6% excise tax each year the extra money stays in.
  • Fix it early: Withdraw excess contributions plus earnings before your filing deadline. Earnings are taxable and reported on Form 1099-SA.
  • Mistaken distributions: If you accidentally use HSA money for non-medical expenses, you can repay it before the deadline and avoid extra tax.

Nonqualified withdrawals are taxable and may face a 20% penalty (waived after age 65).

Special Situations

  • No contributions: You may only get an FMV statement in February, not a full 5498-SA.
  • Death of account holder: If the spouse is the beneficiary, the account becomes theirs. For nonspouse beneficiaries, the account ends and distributions become taxable.
  • Closed accounts: If the account was fully liquidated before year-end, no 5498-SA is required.

Bottom Line

Form 5498-SA is your official record of HSA/MSA contributions and year-end value. It works hand-in-hand with Form 1099-SA and Form 8889. Use it to check your limits, fix errors before filing, and keep solid records. Done right, it helps you avoid penalties and makes tax time smoother.

FAQs About Form 5498-SA

1. What is Form 5498-SA used for?

Form 5498-SA is used to report contributions made to Health Savings Accounts (HSAs), Archer MSAs, and Medicare Advantage MSAs. It also shows the account’s fair market value as of December 31. While the custodian files it with the IRS, you use it as a reference when completing Form 8889.

2. How is Form 5498-SA different from the regular 5498 tax form?

The 5498 tax form usually refers to IRA reporting, while the 5498-SA form is only for HSAs and MSAs. If you’re searching “tax form 5498,” make sure you’re looking at the right one—IRA activity and HSA/MSA activity are reported on different forms.

3. Do I have to send Form 5498-SA with my tax return?

No. You do not attach Form 5498-SA to your tax return. Instead, you keep it for your records and use it to ensure your HSA or MSA contributions are reported correctly on Form 8889.

4. What do I do with Form 5498-SA on my taxes?

You use the totals on the form to complete Form 8889. This ensures that contributions, rollovers, and prior-year deposits are reported in the right place. The IRS already gets a copy from your bank, so your job is to confirm the numbers and keep the form in your files.

5. When will I receive Form 5498-SA?

Most custodians send Form 5498-SA by June 1 for the prior tax year. Some may send a fair market value statement earlier, usually by February.

6. What happens if my contributions exceed the limit shown on Form 5498-SA?

Excess contributions can trigger a 6% excise tax. To avoid this, you should work with your HSA custodian to withdraw the excess and any earnings before your filing deadline. The earnings will be reported on Form 1099-SA.

7. Why didn’t I get a 5498-SA form this year?

If you didn’t make any contributions during the year, you might not receive a participant copy of Form 5498-SA. However, custodians still report the account’s year-end value to the IRS.

8. Can I use Form 5498-SA to claim deductions?

Yes but indirectly. You don’t claim deductions directly from the form. Instead, you use the contribution amounts on Form 5498-SA to fill out Form 8889, which determines the deductible amount you can claim on your tax return.

9. Does Form 5498-SA report employer contributions?

Yes. Any contributions made by your employer are included. But remember: employer contributions count toward your annual limit and cannot be deducted again on your tax return.

10. How do rollovers appear on the 5498-SA form?

Rollovers are shown in Box 4. These amounts are not new contributions, so they don’t affect your annual contribution limit.

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