Form 5498-SA HSA Bank

[scurry Participant Status: Physician Posts: 45 Joined: 03/28/2016]

Hello,

I went on the HSA Bank website today. It says that Form 5498-SA won’t be available until May 2017. Given that this is after the personal tax filing deadline, how (if at all), does this affect the way I file my taxes?

Thanks!

[docnews Participant Status: Physician Posts: 409 Joined: 01/09/2016]

Per turbo tax:

“Form 5498-SA is a statement of contributions. In your case of employment contribution, the amount shown on 5498-SA should have already been on your W2 so there’s no need to enter it anywhere else. The 5498-SA is for your information only; you don’t actually enter it directly.”

“You are not required to enter F5498-SA. It’s sent to you for information only. The IRS uses this information to keep a record of your account activity.”

Just a form for IRS snooping. So if the government turns against HSAs they know how much you have in it. And make sure you stay under the limits created.

[jfoxcpacfp Moderator Status: Financial Advisor, Accountant, Small Business Owner Posts: 8078 Joined: 01/09/2016]

scurry wrote:

Hello,

I went on the HSA Bank website today. It says that Form 5498-SA won’t be available until May 2017. Given that this is after the personal tax filing deadline, how (if at all), does this affect the way I file my taxes?

Thanks!

Click to expand…

This is typical, same as for IRS Form 5498 reporting your IRA transactions each year. What you need for filing your return is 1099-SA

Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~
http://www.fox-cpas.com/for-doctors-only ~ [email protected]