With a traditional IRA, a certain amount of the contributions you make each year may be tax deductible. However, when you reach retirement age, you must report all IRA withdrawals on your tax return and pay the tax on it. Watch this video to answer your questions about retirement savings and how they affect your taxes. The rollover and conversion section provides information on any transfers made from another retirement account, such as a 401(k), as well as any conversions from a traditional IRA to a Roth IRA. This information is important for calculating the tax consequences of these transactions. In this case, you cannot deduct the contribution amounts reported on Form 5498.

Refer to the IRS Instructions for Form 8853 and the Instructions for Form 8889 for information on entering Form 5498-SA, box 4. ProConnect doesn’t have direct inputs for each of these boxes. Refer to the IRS Instructions for Form 5498-SA for more information. If the designated beneficiary is not the spouse or there is no designated beneficiary, the account ceases to be an HSA, Archer MSA, or MA MSA.

Box 3. Total HSA or Archer MSA Contributions Made in 2026 for 2025

You must report the receipt of a rollover from one Archer MSA to another Archer MSA, and the receipt of a rollover from an Archer MSA or an HSA to an HSA in box 4. Enter the appropriate distribution code from the following list that shows the type of distribution. When the account holder dies and the designated beneficiary is the surviving spouse, the following apply.

File your taxes, your way

• If you did, you may be able to deduct some of those contributions on your federal tax return.
• If a regular contribution is made to the HSA that is closed, and a distribution is made to the participant, enter the gross distribution in box 1.
• You may, but you are not required to, provide the participant with a statement of the December 31, 2025, FMV of the participant’s account by February 2, 2026.
• Refer to the IRS Instructions for Form 8853 and the Instructions for Form 8889 for information on entering Form 5498-SA, box 4.
• Your contributions aren’t deductible on your tax return, but the tax savings come later.
• Additionally, the IRS encourages you to designate an account number for all Forms 1099-SA that you file.

If the designated beneficiary is the surviving spouse, the following apply. For repayment of a mistaken distribution amount, see HSA Mistaken Distributions , earlier. Do not treat the repayment as a contribution on Form 5498-SA. If the beneficiary is the estate, enter the estate’s name and TIN in place of the recipient’s on the form. We are well beyond the scope of your original question.

Statements to Recipients

Your 5498 will also report other types of information, which may or may not be important for purposes of filing your tax return this year. If you did, you may be able to deduct some of those contributions on your federal tax return. When you make contributions to an IRA, it’s likely that you will receive a Form 5498 from the organization that manages your retirement account. It may appear to be confusing at first, but for purposes of figuring out your deduction—you don’t need to focus on every piece of information reported on the form. But before we even get to the important boxes on your 5498, you should first understand the difference between a traditional IRA and a Roth IRA. File Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, to report distributions made from a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage MSA (MA MSA).

Your contributions aren’t deductible on your tax return, but the tax savings come later. This type of account allows you to make contributions using after-tax dollars—meaning that you already paid tax on the money you use to make the contribution. But when you start making withdrawals during retirement, those withdrawals are tax free and you don’t have to pay taxes on them.

HSA Mistaken Distributions

The form is also filed with the IRS at the same time. The information on Form 5498-SA is used by the IRS to verify that contributions made to an HSA are within the contribution limits set by the government. The information on Form 5498 is used by the IRS to verify that contributions made to an IRA are within the contribution limits set by the government. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. If you contribute to an IRA, it’s time to learn about your 5498 Form. This form is completed by your IRA custodian and includes information about your IRA contributions.

The following TurboTax Online offers may be available for tax year 2024. Intuit reserves the right to modify or terminate any offer at any time for any reason in its sole discretion. Unless otherwise stated, each offer is not available in combination with any other TurboTax offers. Certain discount offers may not be valid for mobile in-app purchases and may be available only for a limited period of time. If you’re unsure what type of IRA you have, your account administrator may indicate whether it’s a 5498 sa turbotax traditional, Roth, SIMPLE or a SEP in box 7. You shouldn’t really need to enter anything into the 8889 unless you made contributions outside of payroll.

Follow these steps to enter 5498-SA, box 1:

The account number is required if you have multiple accounts for a recipient for whom you are filing more than one Form 1099-SA. Additionally, the IRS encourages you to designate an account number for all Forms 1099-SA that you file. If you are required to file Form 1099-SA, you must provide a statement to the recipient. For more information about the requirement to furnish a Form 1099-SA or acceptable substitute statement to recipients, see part M in the current General Instructions for Certain Information Returns. You do not have to enter this form on your tax return. The amount reported in box 2 of my HSA 5498-SA is indeed reported on my W-2 box 12c with code W.

For a good tax accountant who did proper data gathering during tax season, this document confirms everything that they already completed for your most recently filed tax return. The form provides information on the type of HSA account, contributions made to the account, and any rollovers that occurred during the most recent completed tax year (2022). The form provides information on the type of IRA account, contributions made to the account, and any rollovers or conversions that occurred during the most recent completed tax year (2022). All features, services, support, prices, offers, terms and conditions are subject to change without notice.

I received a 5498-SA from my former employer, showing that they contributed an amount to my HSA, as part of my retirement benefit. When loading my contribution to the HSA in addition to this former employer contribution, I do not see this contribution in turbo tax, only a spot for my personal contribution. And by the way, trustees, NOT individual taxpayers, are required to file Form 5498 with the IRS. This means that you don’t need to send Form 5498 along with your tax return; you just hang onto it with the rest of your tax paperwork.

• If you are required to file Form 5498-SA, you must provide a statement to the participant (generally Copy B) by June 1, 2026.
• If you are eligible, you can make tax deductible contributions to a traditional IRA and accumulate earnings within the IRA tax-free until you are required to begin making withdrawals—usually in the year you turn 73.
• If you participate in a SIMPLE IRA at work, your employer can withhold contributions directly from each of your paychecks on a pretax basis and deposit them into your retirement account.
• The Taxpayer First Act of 2019 authorized the Department of the Treasury and the IRS to issue regulations that reduce the 250-return e-file threshold.

You have clicked a link to a site outside of the Intuit Accountants Community. By clicking “Continue”, you will leave the community and be taken to that site instead. I remember from some reading somewhere that Form 5498-SA Box 2 is a combined amount contributed by both the Employer and Employee through Payroll deductions and this amount is already pre-tax and does not need to be entered in Form 8889 Line 2. For MSAs, boxes 2 and 3 should already be included in box 1.

You have clicked a link to a site outside of the TurboTax Community. By clicking “Continue”, you will leave the Community and be taken to that site instead. Questions are answered within a few hours on average. No, just look in your check book and determine how much you contributed directly to the HSA (not through your employer), and enter on the “Let’s enter name’s HSA Contributions” (I guaranteed it’s there). This is why we tell you that you don’t have to enter anything from the 5498-SA, because we aren’t sure of what we’re getting without comparing it to other values.

Although the 5498 form isn’t your responsibility to file, it’s still important to understand the form and its implications. You never enter 5498 into a tax return, but you can use it for reference. Lacerte doesn’t have direct inputs for each of these boxes, but the form often provides valuable information for completing your client’s return. I am asked to review my information, verify I only spent distributions on medical expenses, etc.  There is not a screen that prompts for HSA contributions. If the designated beneficiary is not the spouse or there is no named beneficiary, the account ceases to be an MSA as of the date of death and the fair market value (FMV) on that date is reported. Due to the very low volume of paper Forms 1099-SA and 5498-SA received and processed by the IRS each year, these forms have been converted to an online fillable format.