1. What is Form 5498 SA?

The IRS Form 5498 SA is a tax form used to report Health Savings Account (HSA) information. These plans include the following:

• Health Savings Account (HSA)
• Archer Medical Savings Account (MSA)
• Medicare Advantage MSA (MA MSA)

Based on the plan provided, you must complete the required information on this form and file it
with the IRS.

2. Who is required to file 5498 SA Form?

All entities that manage these accounts are required to file Form 5498 SA. These entities are referred to as the trustee or custodian of the plan. If you’re a custodian or trustee of the plan, you must send a form copy to participants as well.

3. What information is reported on Form 5498 SA?

Trustees or custodians of these health savings accounts must report the contributions made to the account, the Fair Market Value, and any rollovers that occurred during the current tax year.

4. Instructions for the IRS Form 5498 SA

Form 5498 SA contains six important lines. Let's explore the breakdown of each line:

• Trustee Information: Enter the information about the Trustee’s name, street address, city or town, state or province, country, ZIP or foreign postal code, telephone number, and TIN.

• Participant Information: Enter information about the name, Street address (including apartment no.), City or town, state or province, country, ZIP or foreign postal code, TIN, and account number.

• Box 1- Employee or Self-Employed Person's Archer MSA Contributions Made in 2024 and 2025: The Trustee should report the employee's or self-employed person's regular contributions to the Archer MSA made in 2024 and through April 15, 2025, for 2024. Gross contributions, including any excess contributions, should be reported, even if the excess contributions were withdrawn. No HSA information is to be reported in box 1.

• Box 2- Total Contributions Made in 2024: Input the total HSA or Archer MSA contributions made in 2024, including any contributions made in 2024 for 2023. You have the option to report the total MA MSA contributions made in 2024 by the Secretary of Health and Human Services or their representative, although it's not mandatory. Please do not include amounts reported in box 4.

• Box 3- Total HSA or Archer MSA Contributions Made in 2025 for 2024: Enter the total contributions made to your HSA or Archer MSA in 2025 for the tax year 2024.

• Box 4- Rollover Contributions: Enter rollover contributions to the HSA or Archer MSA that you received during 2024. These amounts should be excluded from box 2.

• Box 5- Fair Market Value of HSA, Archer MSA, or MA MSA: Enter the account's fair market value (FMV) as of December 31, 2024.

• Box 6-Checkbox: Check the box to indicate whether the account is an HSA, Archer MSA, or MA MSA. Remember, if the participant has more than one type of account, you must file a separate form for each.

5. When is the deadline to file 5498 SA?

The deadline for filing Form 5498 SA with the IRS and distributing the form copy to the participant is
May 31, 2025.

6. How do you file Form 5498 SA with TaxBandits?

TaxBandits is an IRS-authorized e-file service provider supporting various tax forms, including 1099 series, 94x series, and ACA Forms. Follow these simple steps to e-file Form 5498 SA:

• Step 1: Create a free TaxBandits account!

• Step 2: Choose "Form 5498 SA" and the Tax Year.

• Step 3: Enter the Trustee, Participant, and Form 5498 SA information.

• Step 4: Review and Transmit to the IRS.

TaxBandits allows you to distribute your participant copies via postal mail or online access. We ensure that your completed 5498-SA form adheres to IRS business rules, guaranteeing accurate filing. TaxBandits securely maintains records of the transmitted 5498-SA forms for 7 years.

E-file Form 5498 SA for the 2024 tax year in advance through TaxBandits to avoid a last-minute rush.