Do not treat the repayment as a contribution on Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information. These amounts may need to be entered to complete Form 8889. However, boxes 2 and 3 will include amounts that were contributed to the HSA by an employer, as well as employee contributions made through payroll deductions.

The form is also filed with the IRS at the same time. The information on Form 5498-SA is used by the IRS to verify that contributions made to an HSA are within the contribution limits set by the government. The information on Form 5498 is used by the IRS to verify that contributions made to an IRA are within the contribution limits set by the government. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. If you contribute to an IRA, it’s time to learn about your 5498 Form. This form is completed by your IRA custodian and includes information about your IRA contributions.

Entering Form 5498-SA for an individual in Lacerte

Ask questions, get answers, and join our large community of Intuit Accountants users. You don’t need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, you’ll find the info needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R. Real experts – to help or even do your taxes for you. You’ll need to sign in or create an account to connect with an expert. In the year an HSA, Archer MSA, or MA MSA owner dies, you must generally file a Form 5498-SA and furnish a statement for the decedent.

Specific Instructions for Form 1099-SA

Your contributions aren’t deductible on your tax return, but the tax savings come later. This type of account allows you to make contributions using after-tax dollars—meaning that you already paid tax on the money you use to make the contribution. But when you start making withdrawals during retirement, those withdrawals are tax free and you don’t have to pay taxes on them.

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For a good tax accountant who did proper data gathering during tax season, this document confirms everything that they already completed for your most recently filed tax return. The form provides information on the type of HSA account, contributions made to the account, and any rollovers that occurred during the most recent completed tax year (2022). The form provides information on the type of IRA account, contributions made to the account, and any rollovers or conversions that occurred during the most recent completed tax year (2022). All features, services, support, prices, offers, terms and conditions are subject to change without notice.

If you do not furnish another statement to the participant because no reportable contributions were made for the year, the statement of the FMV of the account must contain a legend designating which information is being furnished to the IRS. If you are required to file Form 5498-SA, you must provide a statement to the participant (generally Copy B) by June 1, 2026. You may, but you are not required to, provide the participant with a statement of the December 31, 2025, FMV of the participant’s account by February 2, 2026. For more information about statements to participants, see part M in the current General Instructions for Certain Information Returns.

Tax Year Prior to 2020: Where do I enter my 1099 sa and 5498 sa Forms?

The account number is required if you have multiple accounts for a recipient for whom you are filing more than one Form 1099-SA. Additionally, the IRS encourages you to designate an account number for all Forms 1099-SA that you file. If you are required to file Form 1099-SA, you must provide a statement to the recipient. For more information about the requirement to furnish a Form 1099-SA or acceptable substitute statement to recipients, see part M in the current General Instructions for Certain Information Returns. You do not have to enter this form on your tax return. The amount reported in box 2 of my HSA 5498-SA is indeed reported on my W-2 box 12c with code W.

What Is IRS Form 5498: IRA Contributions Information?

• No, just look in your check book and determine how much you contributed directly to the HSA (not through your employer), and enter on the “Let’s enter name’s HSA Contributions” (I guaranteed it’s there).
• By clicking “Continue”, you will leave the Community and be taken to that site instead.
• Form 5498 is divided into several sections, including the type of IRA account, contributions made during the tax year, and any rollovers or conversions that occurred.
• For a good tax accountant who did proper data gathering during tax season, this document confirms everything that they already completed for your most recently filed tax return.

Refer to the IRS Instructions for Form 8853 and the Instructions for Form 8889 for information on entering Form 5498-SA, box 4. ProConnect doesn’t have direct inputs for each of these boxes. Refer to the IRS Instructions for Form 5498-SA for more information. If the designated beneficiary is not the spouse or there is no designated beneficiary, the account ceases to be an HSA, Archer MSA, or MA MSA.

If the designated beneficiary is the surviving spouse, the following apply. For repayment of a mistaken distribution amount, see HSA Mistaken Distributions , earlier. Do not treat the repayment as a contribution on Form 5498-SA. If the beneficiary is the estate, enter 5498 sa turbotax the estate’s name and TIN in place of the recipient’s on the form. We are well beyond the scope of your original question.

• If you made additional contributions that are not reflected on your W-2, you would enter them in the Medical section.
• For MSAs, boxes 2 and 3 should already be included in box 1.
• For more information about the requirement to furnish a Form 1099-SA or acceptable substitute statement to recipients, see part M in the current General Instructions for Certain Information Returns.
• Form 5498 is typically issued to IRA owners and beneficiaries by the end of May each year.

With a traditional IRA, a certain amount of the contributions you make each year may be tax deductible. However, when you reach retirement age, you must report all IRA withdrawals on your tax return and pay the tax on it. Watch this video to answer your questions about retirement savings and how they affect your taxes. The rollover and conversion section provides information on any transfers made from another retirement account, such as a 401(k), as well as any conversions from a traditional IRA to a Roth IRA. This information is important for calculating the tax consequences of these transactions. In this case, you cannot deduct the contribution amounts reported on Form 5498.

You have clicked a link to a site outside of the Intuit Accountants Community. By clicking “Continue”, you will leave the community and be taken to that site instead. I remember from some reading somewhere that Form 5498-SA Box 2 is a combined amount contributed by both the Employer and Employee through Payroll deductions and this amount is already pre-tax and does not need to be entered in Form 8889 Line 2. For MSAs, boxes 2 and 3 should already be included in box 1.

You have clicked a link to a site outside of the TurboTax Community. By clicking “Continue”, you will leave the Community and be taken to that site instead. Questions are answered within a few hours on average. No, just look in your check book and determine how much you contributed directly to the HSA (not through your employer), and enter on the “Let’s enter name’s HSA Contributions” (I guaranteed it’s there). This is why we tell you that you don’t have to enter anything from the 5498-SA, because we aren’t sure of what we’re getting without comparing it to other values.

Do I Need Form 5498 to File My Taxes?

I received a 5498-SA from my former employer, showing that they contributed an amount to my HSA, as part of my retirement benefit. When loading my contribution to the HSA in addition to this former employer contribution, I do not see this contribution in turbo tax, only a spot for my personal contribution. And by the way, trustees, NOT individual taxpayers, are required to file Form 5498 with the IRS. This means that you don’t need to send Form 5498 along with your tax return; you just hang onto it with the rest of your tax paperwork.