When is 5498 Sa issued Form

When is 5498 Sa issued Form: What You Should Know

If you contribute to your HSA at any time in a year, the 5498-SA will show you the date you contributed if an account was opened or the date of the first transaction if the account was opened with money. The  HSA Form 5498-SA does not show you all the contributions you made from your HSA during the tax year. In addition to the 5498-SA form, you must have had “contributions” to your HSA during that year if you had any contribution activity. Also, in the 5498-SA form, if you paid a medical expense in a future tax year (because the medical expense was incurred as a result of qualifying for the medical assistance rule), then you also make your medical expense payments on the 5498-SA form using a Schedule A (Form 1040), which reports these payments.  If you are contributing to your HSA by any method and do not have to file Form 1099-SA, then the 5498-SA form will not be necessary for you to record your contributions. If you are contributing to your HSA by any method (including a form called an “eligible deposit from a qualified plan”), then either form is required by the IRS, and you can use this form to record your contribution if you intend to file Form 1099-SA. If you are the primary payer on your HSA (you are the only person paying for healthcare expenses), then you are the person responsible for recording medical expenses that are not covered by Social Security. Even if you use Form 5498-SA, your spouse can also fill out the 5498-SA form (and you can fill out the Form 5498-SA, if your spouse has an account). Your spouse's contributions (and any spouse's contributions) are subject to the self-employed penalty (described below), and he may be liable for tax on his earnings in the case the account is not closed before you file your tax return (usually after 6 years from the month you made the contribution, but usually after 1 year from the month the contribution is made). If you are contributing to your HSA by direct deposit (through your financial institution), then you will probably use paper Form 5498-SA's.

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