Completing and E-filing Form 5498-SA for Tax Year 2020

Helpful tips for fast and accurate filing.

The deadline to file Forms 5498-SA is almost here, June 30 is fast approaching. If you are the trustee of a Health Savings Account, then you are running out of time to e-file and distribute your recipient copies. 

Need some help getting started with Form 5498-SA? This is the guide you need to get going! While this is a relatively short IRS tax form, it contains important information that the trustee must provide accurately. 

What types of accounts should be reported on Form 5498-SA?

There are three types of health savings plans that should be reported on Form 5498-SA. This includes:

  • Health Savings Account (HSA)- This is a standard health savings plan that allows account participants to save for medical expenses while reducing their taxable income. This is ideal for individuals with a high-deductible health plan. 
  • Archer Medical Savings Account (MSA)- This account is ideal for self-employed individuals and small businesses with 50 or less employees. 
  • Medicare Advantage Medical Savings Account (MA MSA)– these accounts combine a high-deductible insurance plan with a medical savings account that helps cover healthcare costs. 

Completing Form 5498-SA

The 5498-SA Form has 6 lines, or boxes that must be completed. Before completing this information, trustees will first need to enter their information and the trustees’ basic information and account number.  Once you have supplied this basic information, here is the information that is required for each box.

  • Box 1- Employee or self-employed person’s Archer MSA contributions made in 2020 and 2021 for 2020.
  • Box 2- Total contributions made in 2020
  • Box 3- Total HSA or Archer MSA contributions made in 2021 for 2020
  • Box 4- Rollover contributions (Don’t include these amounts in box 2)
  • Box 5- Fair Market Value of HSA, Archer MSA, or MA MSA
  • Box 6- Checkbox (indicate what kind of account you are reporting)

E-filing Form 5498-SA with TaxBandits

Now that we’ve covered the format of and information required on Form 5498-SA, let’s talk about the actual filing process. If you have been paper-filing these forms, it’s time to consider e-filing. This is quicker and easier, not to mention the IRS prefers this filing method.

E-filing with TaxBandits is not only a simpler alternative to paper-filing, but our filing process improves the accuracy of your forms with built-in IRS Business Rules. To e-file Form 5498-SA with TaxBandits, just follow these simple steps!

 1.Log in to your TaxBandits Account

2. Select Form 5498-SA, for tax year 2020

3. Enter the Trustee and Participant information

4. Enter contribution details

5. Review your form 

6. Pay your filing fee and transmit your form to the IRS

Form 5498

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