Download IRS Form 5498-SA 2019 Hsa, Archer Msa, or Medicare Advantage Msa Information
What Is the Purpose of Form 5498-SA?
The purpose of the form is to report amounts contributed (including transfers and rollovers), as well as the fair market value (FMV) of accounts for the calendar year.
IRS Form 5498-SA Instructions
The current edition of Form 5498-SA due date is June 1, 2020. If you do not timely file Copy A of this form, a penalty of $50 per return shall be applied (if the failure is not justified by reasonable cause). However, if the due date is a holiday, Saturday or Sunday, you may file this return the next business day. It is possible to request a 30-day extension for filing by completing Form 8809 and sending it on paper before the due date.
Copy B of this form must be furnished to the participant by June 1, 2020. You may also request an extension to furnish Copy B by sending a letter to the following address: Internal Revenue Service
Attn: Extension of Time Coordinator, 240 Murall Drive, Mail Stop 4360, Kearneysville, WV 25430.
Although it is not mandatory, you may provide the participant with a statement of December 31, 2019, FMV of their account by January 31, 2020.
If you are filing less than 250 forms on paper, you may send a black-and-white Copy A of the 5498-SA together with Form 1096, Annual Summary and Transmittal of U.S. Information Returns. If you are required to send more than 250 forms, you must file electronically through the Filing Information Returns Electronically System (FIRE System).
Form 1099-SA and Form 5498-SA are both related to health savings accounts. The purpose of Form 1099-SA is reporting distributions to an account, while Form 5498-SA is for reporting contributions to an account.
IRS 5498-SA Related Forms
The form is part of the IRS 5498 form series. The other three related forms within this group are briefly described below:
- IRS Form 5498, IRA Contribution Information, is a form that financial institutions acting as trustees or issuers of IRAs file with the IRS every year for each person for whom they maintained any IRA, with the purpose of reporting contributions made to these plans and other relevant information.
- IRS Form 5498-ESA, Coverdell ESA Contribution Information, is a form filed with the IRS by a trustee or issuer of a Coverdell education savings account (ESA) for each person for whom they maintained any ESA, with the purpose of reporting amounts of contributions to a Coverdell ESA and other relevant information.
- IRS Form 5498-QA, ABLE Account Contribution Information, is a form filed with the IRS by any State or its agency or instrumentality with the purpose of reporting the contributions made to an ABLE account for each qualified ABLE account they established and maintained.