Form 5498 SA - HSA, Archer MSA, or Medicare Advantage MSA Information

Form 5498-SA is used to report contributions made to Health Savings Accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Medicare Advantage MSAs. These accounts are tax-advantaged savings vehicles designed to help individuals and families save for qualified medical expenses.

Information Required on Form 5498-SA

  1. Account Information: Form 5498-SA requires the account holder's name, address, and taxpayer identification number, as well as the name and address of the HSA, Archer MSA, or Medicare Advantage MSA trustee or custodian.
  2. Contribution Details: The form must report the total contributions made to the account during the previous tax year, including any contributions made by the account holder, their employer, or any other third party.
  3. Fair Market Value: The form must also report the fair market value of the account as of December 31 of the previous tax year, which helps track the growth and status of the account.