IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year. IRS form 5498-SA shows the amount of money deposited into your HSA for the tax year. IRS form 8889 is the form you fill out and submit with your tax return.

What is form 5498-SA Box 5?

Box 5: This box shows the fair market value of your account as of December 31st, 2020.

Where do I report form 1099 SA on my tax return?

You report the taxable amount on the “other income” line of your tax return and write “HSA” beside it. You will also have to pay an additional tax of 20 percent on the taxable portion of your distribution, which you’ll calculate on Form 8889.

What can be reported on a 5498-sa form?

Form 5498-SA reports contributions made to your IRA, Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA (MA MSA). Contributions you make to your Archer MSA are generally deductible.

How are IRA contributions reported on Form 5498?

Reporting is done on Form 5498, IRA Contribution Information, and Form 5498-SA, HSA, Archer MSA, and Medicare Advantage MSA Information. Your account owners who made reportable contributions for tax year 2020 must receive the appropriate form from your organization.

Do you need to file Medicare Advantage form 5498-sa?

If you are the trustee or custodian of a Health Savings Account (HSA), Archer Medical Savings Account (Archer MSA), or Medicare Advantage MSA (MA MSA) file this form for each person for whom you maintained an HSA, Archer MSA, or MA MSA. A separate form is required for each type of plan.

When is the due date for Form 5498?

Form 5498-SA due date postponed to August 31, 2020 (Notice 2020-35) PDF — 29-MAY-2020 Taxpayer Relief for Certain Tax-Related Deadlines Due To Coronavirus Pandemic — 14-APR-2020 Other Items You May Find Useful All Form 5498-SA Revisions