Form 5498-SA: HSA, Archer MSA, or Medicare Advantage MSA Information
Report contributions to Health Savings Accounts, Archer MSAs, and Medicare Advantage MSAs.
Filing Deadline
May 31 (to participant and IRS) - no extension for paper filing
Common Account
Health Savings Accounts (HSAs)
Contribution Limits
Annual limits vary by coverage type and age
Overview
Form 5498-SA is issued by HSA trustees to report contributions made to Health Savings Accounts, Archer Medical Savings Accounts, and Medicare Advantage MSAs. It also reports the fair market value of the account as of December 31.
HSAs allow individuals with high-deductible health plans to make tax-deductible contributions, which grow tax-free and can be withdrawn tax-free for qualified medical expenses.
Who Must File
Required Filers
- •HSA trustees and custodians (banks, credit unions, insurance companies)
- •Must file if any contributions were made during the year
- •Must file if FMV on December 31 was over $0
- •Applies to HSAs, Archer MSAs, and Medicare Advantage MSAs
Form Structure & Instructions
Here's what information is required in each section:
Contribution Information
HSA and MSA contributions by type
Account Value and Type
Year-end value and account classification
Important Filing Notes
HSA Contribution Limits
For 2024: $4,150 (self-only) or $8,300 (family). Additional $1,000 catch-up if age 55+. Must have qualifying high-deductible health plan. Limits include all contributions (employee + employer).
Pre-Tax vs. After-Tax Contributions
Employer contributions and payroll deductions are pre-tax. Individual contributions are after-tax but deductible on your return. Both appear on Form 5498-SA and count toward annual limit.
Excess Contribution Penalty
Contributions exceeding annual limits are subject to 6% excise tax each year until corrected. Excess contributions can be withdrawn before tax deadline (with earnings) to avoid penalty.
Triple Tax Advantage
HSAs offer unique triple tax benefit: (1) contributions are tax-deductible, (2) growth is tax-free, and (3) withdrawals for qualified medical expenses are tax-free.
HSA Contribution Reporting Excellence
Simplify Form 5498-SA filing for health savings accounts. We ensure accurate reporting and compliance for all HSA and MSA trustees.
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