This is a form you receive rather than one you complete, filed by the institution holding the account rather than by the account holder.
It arrives later than most tax documents, and that is deliberate: it has to report contributions that can still be made after the year it relates to has ended. People wait for it, assume something has gone wrong, or file and then worry when it turns up.
This covers who files it, what each part reports, how it relates to the form you do complete, and what to do when the figures on it do not match your own records.
Form 5498-SA is filed by HSA trustees and custodians, not by account holders themselves. If you have a Health Savings Account (HSA), Archer MSA, or Medicare Advantage MSA, your bank or financial institution files this form on your behalf. This guide explains what the form reports, why it matters for your tax return, and what to do with the information.
Who Files Form 5498-SA
The trustee or custodian of your HSA, Archer MSA, or Medicare Advantage MSA files Form 5498-SA with the IRS and sends a copy to you. This is similar to how your bank sends a Form 1099-INT for interest income, you receive it, but your bank filed it.
- Banks, credit unions, insurance companies, and other IRS-approved HSA custodians are the filers
- The account holder (you) does not file Form 5498-SA
- One Form 5498-SA is filed per account per tax year
This form arrives after most people have already filed, and that is by design rather than an administrative failure: it has to report contributions that can still be made after the year ends. Do not wait for it. File, then check it against what you reported when it turns up.
Ankit Sarawagi, CPA, CA, MBA · LinkedInDue Date
| Filing Obligation | Deadline |
|---|---|
| Trustee files with IRS | May 31 (not April 15) |
| Trustee sends copy to account holder | May 31 |
The May 31 deadline is later than the April 15 tax filing deadline. This is by design, you must file your tax return and claim the HSA deduction on Form 8889 using your own records (contribution receipts, statements) even before you receive Form 5498-SA.
Pro Tip: Do not wait for Form 5498-SA to file your tax return. Use your own records and account statements to complete Form 8889.
What Form 5498-SA Reports
| Box | What It Reports |
|---|---|
| Box 1 | Archer MSA contributions |
| Box 2 | Total contributions made to the HSA during the calendar year (including rollovers) |
| Box 3 | Total HSA, Archer MSA, or MA MSA contributions made for prior year (due by April 15 of current year) |
| Box 4 | Rollover contributions |
| Box 5 | Fair market value of the account as of December 31 |
| Box 6 | Account type (HSA, Archer MSA, or MA MSA) |
How Form 5498-SA Relates to Form 8889
Account holders report HSA contributions and deductions on Form 8889 (Health Savings Accounts), which is attached to Form 1040. Form 5498-SA provides the IRS with data to cross-check what you reported on Form 8889.
- Line 2 of Form 8889: Total HSA contributions, should match Box 2 of Form 5498-SA
- Box 3 of Form 5498-SA shows prior-year contributions (made Jan 1, April 15) that you may have already claimed on last year's Form 8889
- If your Form 8889 and Form 5498-SA do not reconcile, the IRS may send a notice
HSA Contribution Limits
| Coverage Type | 2024 Limit |
|---|---|
| Self-only HDHP coverage | $4,150 |
| Family HDHP coverage | $8,300 |
| Catch-up contribution (age 55+) | Additional $1,000 |
Contributions above the limit are subject to a 6% excise tax. Excess contributions can be withdrawn without penalty if done before the tax filing deadline (including extensions).
Rollover vs. Transfer
- Rollover: You receive a distribution and redeposit it into another HSA within 60 days. You can only do one rollover per 12-month period. Reported in Box 4.
- Direct trustee-to-trustee transfer: The funds move directly from one HSA custodian to another. Not reported on Form 5498-SA and does not count against the 12-month rollover limit.
Pro Tip: Always use direct trustee-to-trustee transfers when moving HSA funds, rollovers create paperwork and risk if the 60-day window is missed.
Employer Contributions
Employer contributions to your HSA are excluded from your gross income and appear on your W-2 (Box 12, code W). These contributions are also reported on Form 5498-SA in Box 2. When completing Form 8889, you must reduce your deductible contribution by the employer's contribution to avoid double-dipping.
What to Do If Form 5498-SA Is Wrong
- Contact your HSA custodian immediately, they must file a corrected Form 5498-SA
- If the error affects your Form 8889, file an amended Form 1040 (Form 1040-X)
- Keep records of your HSA contributions (bank statements, employer records) to support your position
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Frequently Asked Questions
Do I need to attach Form 5498-SA to my tax return?
No. Form 5498-SA is an informational form sent to you by the HSA trustee. You do not attach it to your return. Keep it for your records.
I received Form 5498-SA after I already filed my return, what do I do?
Compare it to what you reported on Form 8889. If the numbers match, no action is needed. If there is a discrepancy, determine whether it represents an error on the form or in your return, then contact your custodian or file an amended return as appropriate.
Can I deduct HSA contributions made after April 15?
No. Contributions for a tax year must be made by the tax filing deadline (April 15, without extensions) to be deductible for that year. Contributions after April 15 count toward the following year's limit.
What happens to my HSA if I lose HDHP coverage?
You can no longer contribute to the HSA, but the funds already in the account remain yours indefinitely. You can continue to use the funds tax-free for qualified medical expenses even without HDHP coverage.
Why does this form arrive after the return is usually filed?
Because it has to report contributions that can be made after the end of the year it relates to, so it cannot be finalised until that window has closed. That timing is deliberate rather than an administrative failure, and it is why the form is informational: you are not expected to wait for it before filing. Keep it when it arrives and check it against what you reported.
Written by
Ankit Sarawagi, CPA, CA, MBA
Ankit leads the finance team at Profitjets, where he has worked with 500+ businesses across the US on bookkeeping, tax and CFO-level strategy. He writes about the habits that keep small business books accurate all year. Connect on LinkedIn
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