Get Or Health Savings Account (hsa) Employee Contribution Form - Marion County 2019-2025

Note: Do not attach Form 5498-SA to your income tax return. Instead, keep it for your records. Generally, contributions you make to your Fidelity HSA are made on a pretax basis via payroll deduction and are not deductible. Any contributions you make on an after-tax basis—via check, for example—are tax deductible.

The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, required minimum distributions (RMDs), and the fair market value (FMV) of the account.

Form 5498-SA reports your annual contributions to these tax-free accounts that you use to pay for medical expenses. Contributions to similar accounts, such as Archer Medical Savings Accounts and Medicare Advantage MSAs will also warrant a Form 5498-SA. This form must be mailed to participants and the IRS by May 31.

Go to .irs.gov, where you can download Instructions for Forms 8889, 1099-SA, 8853, and 5498-SA; IRS Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans; and IRS Publication 502, Medical and Dental Expenses (Including the Health Coverage Tax Credit).

Box 2: Earnings on Excess Contributions The total earnings distributed with any excess HSA or Archer MSA contributions returned by the due date of the account holder's tax return.

Form 5498-SA is a report of contributions to a Health Savings Account (HSA), Archer Medical Savings Account, or Medicare Advantage Medical Savings Account sent by the account manager, or trustee, to their respective account holders.

What is Box 2 on Form 5498-SA? Box 2 lists the total contributions made to an HSA or Archer MSA for the current year. It should not include rollovers, which are noted in Box 4.