The distribution may have been paid directly to a medical service provider or to the account holder. Keeping the differences between the IRAs in mind, you will be most interested in the amounts reported in boxes 1 and 10 of your Form 5498. Box 1 reports the total amount of contributions you made to a traditional IRA—which might be deductible on your tax return, depending on other factors, like your income. The amount in box 10, however, reports the contributions you made to a Roth IRA, so you can’t deduct this amount. When you save for retirement with an individual retirement arrangement (IRA), you probably receive a Form 5498 each year.

Please take a moment to rate my answers thus far so I receive credit for answering you. We can continue here if you have any other questions. If you made additional contributions that are not reflected on your W-2, you would enter them in the Medical section. Funny every time i try to search it takes me to a different site .this one to be exact , and i can not bring up my taxes here to search for my 1099-SA fill in page very well here. Form 5498-SA reports contributions to yourHealth Savings Account (HSA), Archer MSA, or Medicare Advantage MSA.

This would validate the comments that we do not need to enter the 5498-SA info separately, as this would be a double entry. Look for the questions Were HSA contributions made in 2018? Or Do you need to make any adjustments to your HSA contribution amount? When you answer Yes, TT will open a screen where you can enter your contribution. Hello, I’m Tammy from TurboTax with some information for taxpayers who put money into an individual retirement arrangement.

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. When you start taking withdrawals, you then need to report the appropriate amounts as income on your tax return and pay the appropriate amount of income tax, if necessary. Box 4 reports any contributions for the current year that were rolled over from another qualifying savings account. Rollover contributions aren’t included in boxes 1, 2, or 3. This amount, along with distributions from the original account reported on Form 1099-SA, can help you accurately complete Form 8853 or Form 8889.

• I also believe that it is only when Employees made contributions from outside of payrolls then the amount is needed to be entered on Form 8889 Line, in order to deduct it from taxable income.
• However, see Box 2 , later, for the reporting of a trustee-to-trustee transfer from an IRA to an HSA.
• Form 5498-SA is divided into several sections, including the type of HSA account, contributions made during the tax year and any rollovers that occurred.
• The Form 5498-SA (contributions to your Health Savings Account (HSA), Archer MSA, or Medicare Advantage MSA) is just for informational purposes and doesn’t need to be entered into TurboTax.
• Ask questions, get answers, and join our large community of Intuit Accountants users.

Box 5. Checkbox

The reason that contributions to a Roth IRA aren’t deductible is because the withdrawals you make during retirement, even the earnings portions, typically aren’t taxable. If you took money out of your IRA, those distributions would show on the Form 1099-R you receive from the IRA trustee. That’s the form that you need to enter into TurboTax. I also believe that it is only when Employees made contributions from outside of payrolls then the amount is needed to be entered on Form 8889 Line, in order to deduct it from taxable income. To receive guidance from our tax experts and community. The first line shows you the amount with code W in box 12 on your W-2.

However, see Box 2 , later, for the reporting of a trustee-to-trustee transfer from an IRA to an HSA. 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. If earnings are distributed, enter the amount of earnings in box 2. For reporting purposes, contributions and rollovers do not include transfers. It would be best practice to send your Form 5498 or 5498-SA to your tax accountant to ensure they appropriately captured everything.

Box 1, Archer MSA contributions:

However, you must file Form 5498-SA with the IRS by June 1, 2026, to report the December 31, 2025, FMV of the account. Do not report a trustee-to-trustee transfer from one Archer MSA or MA MSA to another Archer MSA or MA MSA, from an Archer MSA to an HSA, or from one HSA to another HSA. For reporting purposes, contributions and rollovers do not include these transfers.

The taxpayer must file Form 5498-SA for each person for whom they’ve maintained an HSA, Archer MSA, or MA MSA. These amounts were already included in box 1, and don’t need to be re-entered. If you go all the way through the HSA interview (do a Search for hsa and click on the jump-to link), you will see a screen with the heading “Let’s enter name’s HSA contributions”. You entered the initial contributions when you entered your W-2. The IRS requires that all income be reported, whether it’s taxable or not. Similar to contributions to an IRA, HSA contributions are allowed up until the tax filing deadline.

Thank you for helping us improve the TurboTax Community!

On May 22, 2023 I received an email from Charles Schwab. It was titled in all caps, “IMPORTANT TAX RETURN DOCUMENT AVAILABLE – Form 5498,” and I got a similar one for Form 5498-SA. I’m sure many reading this blog received, or will receive, a similar message in the coming days. You do however need to mark the Self or Family box in that Line 3 Smart Worksheet at the top of the form or you end up going own a rabbit hole with errors trying to make that form happy. This article will help with entering Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, in the Individual module of Intuit ProConnect.

Self-Employed Tax Deductions Calculator

You are not required to determine the taxable amount of a distribution. Do not report the withdrawal of excess employer contributions (and the earnings on them) returned to an employer as a distribution from an employee’s HSA. Do not report excess MA MSA contributions returned to the Secretary of Health and Human Services or their representative. See the Specific Instructions for Form 5498-SA, later. For example, the account beneficiary reasonably, but mistakenly, 5498 sa turbotax believed that an expense was a qualified medical expense and was reimbursed for that expense from the HSA. The account beneficiary then repays the mistaken distribution to the HSA.

• Questions are answered within a few hours on average.
• 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.
• You never enter 5498 into a tax return, but you can use it for reference.
• Do not report a trustee-to-trustee transfer from one Archer MSA or MA MSA to another Archer MSA or MA MSA, from an Archer MSA to an HSA, or from one HSA to another HSA.
• If you took money out of your IRA, those distributions would show on the Form 1099-R you receive from the IRA trustee.
• The IRS Form 5498-SA is a document used by financial institutions to report contributions made to a Health Savings Account (HSA).

Enter the employee’s or self-employed person’s regular contributions to the Archer MSA made in 2025 and through April 15, 2026, for 2025. Report gross contributions, including any excess contributions, even if the excess contributions were withdrawn. Under these circumstances, the mistaken distribution is not included in gross income, is not subject to the additional 20% tax, and the repayment is not subject to the excise tax on excess contributions.

The form provides a breakdown of the total contributions made to the account, as well as any rollover contributions from an old HSA into a new one. Form 5498-SA is divided into several sections, including the type of HSA account, contributions made during the tax year and any rollovers that occurred. The contributions section provides a breakdown of the total contributions made to the account, including any contributions made by the account holder or a spouse, as well as any catch-up contributions made by individuals aged 50 or older. Form 5498 is divided into several sections, including the type of IRA account, contributions made during the tax year, and any rollovers or conversions that occurred. Let a local tax expert matched to your unique situation get your taxes done 100% right with TurboTax Live Full Service.

Form 5498-SA is required to be filed by trustees or custodians of health savings accounts (HSAs), Archer medical savings accounts (Archer MSAs), or Medicare Advantage medical savings accounts (MA MSAs). Enter the total earnings distributed with any excess HSA or Archer MSA contributions returned by the due date of the account holder’s tax return. Report earnings on other distributions only in box 1. Don’t worry — you didn’t fail to provide your tax accountant with an “important” document for your recent income tax return filing. Here’s what you need to know about Form 5498 and Form 5498-SA, and what to do if you received them.

I don’t know why you’ve gotten 1099-SA most years, if you didn’t take anything out of the HSA… Just Answer requires questions on different topics to be posted as separate questions. It is important for IRA owners to review their Form 5498 and Form 5498-SA each year to ensure that the information is accurate. If there are any errors or discrepancies, the account holder should contact their financial institution to have the information corrected. Form 5498 is typically issued to IRA owners and beneficiaries by the end of May each year. All custodians including Charles Schwab, Edward Jones, and Fidelity, among others, send this document well after tax season has ended.