5498-sa Form

5498-sa 2024 Form: What You Should Know

SA to obtain the amount shown in Box 1 of Form 8889. Form 8889, HSA Summary, and Form 8897, HSA Statement, are available from the IRS for 2018, 2019, and 2020, and must also be attached to your form. 2024 and 2024 Filing, Reporting, and Reconciliation Deadline The IRS has changed its HSA filing deadline for 2018: The 2024 IRS health savings account deadline was September 15, 2017. This means that your HSA had to be closed by March 8, 2017, to file the 2024 HSA form before March 20, 2018. The 2024 forms can be obtained from HealthEquity now or at any office of the IRS. If you file through HealthEquity, the new deadline is April 19, 2018. What is an “eligible employer”? The IRS defines an “eligible employer” as one that provides minimum compensation (as of Sept. 15, 2017) for an annual average of at least one “full-time employee”. The rules state that such an employer must pay any premium tax due on a balance in an HSA. The employer is the employer and pays the entire balance up front. (For a more detailed definition of an “eligible employer,” read here.) What if you use HealthEquity If you use HealthEquity for your HSA, you will keep your HSA balance during this year to file your next year's return, which will be filed by the Sept. 15 filing date. By paying the balance in the meantime, you will keep your balance in the HSA, which will help with the cost of your annual health check-up later in the year (unless you have health insurance from another source like your family's insurance company), and it will help you pay your health insurance premiums as well. For 2018, we've set your HSA balance to be about 1,000. 2018 HSA Annual Health Checkup Period. The HSA annual health checkup period is April 12 – 19, and your health insurance company will deduct your premium payment amount from your HSA balance (and may provide a reduced rate of payment on the amount you don't have in an HSA). For an HSA Annual Health Checkup Period, HealthEquity will send you an estimated annual health insurance premium payment for your HSA balance if you do not use the HSA to pay for a health insurance policy for 2018.

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