What is Form 5498-SA?

Form 5498-SA is to be filed with the IRS for each person whom you handle a Health Savings Account (HSA), Archer Medical Savings Account (Archer MSA), or Medicare Advantage MSA (MA MSA).

You'll need to file a separate Form 5498-SA for each established IRA plan for the trustee, however there's no need to file a separate form to report multiple investments under one plan.

You need to send the copy to the participants who made contributions to their respective accounts in the preceding tax year.

Form 5498-SA Filing Deadline

You must file Form 5498-SA to the IRS and must furnish a copy to IRA participant by May 31 following the tax year you managed the account.

How to File Form 5498-SA?

The IRS requires that all trustees file Form 5498-SA online through an approved e-file provider. You can e-file IRS Form 5498-SA, IRA Contribution & Rollover Information, online to the IRS with ExpressIRSForms.

To e-file IRS Form 5498-SA, simply:

  • Create an account with ExpressIRSForms
  • Choose "Form 5498-SA"
  • Enter Trustee's or Issuer's Details
  • Enter Participant's Details
  • Enter IRA & Rollover Contribution Information
  • Review, Pay, & Transmit the Form 5498-ESA directly to the IRS

ExpressIRSForms is an IRS-authorized e-file provider that allows you to e-file Form 5498-ESA in a matter of minutes!

Information Required to File Form 5498-SA

The following information is needed to report Form 5498-SA to the IRS:

  • Trustee/Issuer's Information (Name, TIN, Address, and Contact Information)
  • Participant's Information (Name, TIN, Address, and Contact Information)
    • Contribution Details
    • Fair Market Value of HSA, Archer MSA, or MA MSA
    • Type of IRA Account

IRS Form 5498-SA Corrections

As soon as you notice an error in a Form 5498-SA you've filed, you need to take steps to correct it. You can do this by e-filing a correction Form. If the error is with any participant information, you'll need to make a corrected version of Form 5498-SA for them and mail it to them in addition to the one you filed with the IRS.

Form 5498-SA Filing Penalties

Failing to file a complete, correct Form 5498-SA by the deadline without a reasonable excuse can lead to IRS penalties.

You can also receive a penalty if you:

  • Fail to file forms
  • Paper file when you're required to e-file
  • File a form with information missing
  • File incorrect information
  • Report an incorrect federal ID number or social security number

IRS penalties are based upon when you ultimately file a corrected return.

Form 5498-SA Extensions

If for some reason you believe you won't be able to file your Form 5498-SA by the deadline, you can apply for an automatic 30-day extension of time to file by submitting Form 8809. Form 8809 can be e-filed right from your ExpressIRSForms account in no time!