This would validate the comments that we do not need to enter the 5498-SA info separately, as this would be a double entry. Look for the questions Were HSA contributions made in 2018? Or Do you need to make any adjustments to your HSA contribution amount? When you answer Yes, TT will open a screen where you can enter your contribution. Hello, I’m Tammy from TurboTax with some information for taxpayers who put money into an individual retirement arrangement.
The second line is where you enter the sum of any contributions you made directly to the HSA, outside of your employer. The account number is required if you have multiple accounts for a recipient for whom you are filing more than one Form 5498-SA. Additionally, the IRS encourages you to designate an account number for all Forms 5498-SA that you file. See part L in the current General Instructions for Certain Information Returns.
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The reason that contributions to a Roth IRA aren’t deductible is because the withdrawals you make during retirement, even the earnings portions, typically aren’t taxable. If you took money out of your IRA, those distributions would show on the Form 1099-R you receive from the IRA trustee. That’s the form that you need to enter into TurboTax. I also believe that it is only when Employees made contributions from outside of payrolls then the amount is needed to be entered on Form 8889 Line, in order to deduct it from taxable income. To receive guidance from our tax experts and community. The first line shows you the amount with code W in box 12 on your W-2.
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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.
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.
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.
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The distribution may have been paid directly to a medical service provider or to the account holder. Keeping the differences between the IRAs in mind, you will be most interested in the amounts reported in boxes 1 and 10 of your Form 5498. Box 1 reports the total amount of contributions you made to a traditional IRA—which might be deductible on your tax return, depending on other factors, like your income. The amount in box 10, however, reports the contributions you made to a Roth IRA, so you can’t deduct this amount. When you save for retirement with an individual retirement arrangement (IRA), you probably receive a Form 5498 each year.
The institution that manages your IRA is required to report all contributions you make to the account during the tax year on the form. Depending on the type of IRA you have, you may need Form 5498 to report IRA contribution deductions on your tax return. You are required to file if you are the trustee or custodian of an HSA, Archer MSA, or MA MSA.
Box 5. Fair Market Value of HSA, Archer MSA, or MA MSA
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.
However, see Box 2 , later, for the reporting of a trustee-to-trustee transfer from an IRA to an HSA. If a regular contribution is made to the HSA that is closed, and a distribution is made to the participant, enter the gross distribution in box 1. If earnings are distributed, enter the amount of earnings in box 2. For reporting purposes, contributions and rollovers do not include transfers. It would be best practice to send your Form 5498 or 5498-SA to your tax accountant to ensure they appropriately captured everything.
- Look for the questions Were HSA contributions made in 2018?
- That means Form 5498-SA can’t be sent until after the tax filing deadline.
- This form is completed by your IRA custodian and includes information about your IRA contributions.
Understanding Form 5498
Form 5498-SA is required to be filed by trustees or custodians of health savings accounts (HSAs), Archer medical savings accounts (Archer MSAs), or Medicare Advantage medical savings accounts (MA MSAs). Enter the total earnings distributed with any excess HSA or Archer MSA contributions returned by the due date of the account holder’s tax return. Report earnings on other distributions only in box 1. Don’t worry — you didn’t fail to provide your tax accountant with an “important” document for your recent income tax return filing. Here’s what you need to know about Form 5498 and Form 5498-SA, and what to do if you received them.
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 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.
- It was titled in all caps, “IMPORTANT TAX RETURN DOCUMENT AVAILABLE – Form 5498,” and I got a similar one for Form 5498-SA.
- The amount in box 10, however, reports the contributions you made to a Roth IRA, so you can’t deduct this amount.
- The institution that manages your IRA is required to report all contributions you make to the account during the tax year on the form.
- Once you have done 4.A and 4.B, you have entered what you needed to for your HSA for 2023.
- Form 5498-SA reports contributions to yourHealth Savings Account (HSA), Archer MSA, or Medicare Advantage MSA.
@al126 You don’t need to enter your ABLE contributions, as they are not tax-deductible. However, any distributions you receive from your account are tax-free, including earnings on your account, if used for disability-related expenses. I do not get a W-2 but a 1099-R statement from my retirement trust.
Check the box to indicate if this account is an HSA, Archer MSA, or MA MSA. For HSA or Archer MSA contributions made between January 1, 2026, and April 15, 2026, you should obtain the participant’s designation of the year for which the contributions are made. Check the box to indicate if this distribution was from an HSA, Archer MSA, or MA MSA. For the latest information about developments related to Forms 1099-SA and 5498-SA and their instructions, such as legislation enacted after they were published, go to IRS.gov/Form1099SA 5498 sa turbotax and IRS.gov/Form5498SA.
That means Form 5498-SA can’t be sent until after the tax filing deadline. Form 5498-SA is typically issued to HSA owners and beneficiaries by the end of May each year. The IRS Form 5498-SA is a document used by financial institutions to report contributions made to a Health Savings Account (HSA). The IRS Form 5498 is a document used by financial institutions to report contributions made to an Individual Retirement Account (IRA). TurboTax Premium uncovers industry-specific deductions for more tax breaks. Form 5498’s title is IRA Contribution Information, and it’s usually sent by your IRA trustee to report your IRA activity to the IRS.