What Is a Form 5498 SA?


Quick Answer

Form 5498-SA is a form that taxpayers use to report annual contributions to tax-free accounts that are used for paying medical costs. Taxpayers must report contributions to health savings accounts and to similar accounts, such as Archer medical savings accounts and Medicare Advantage accounts, explains TurboTax.

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Full Answer

A person who acts as a trustee or custodian of one of the applicable types of medical savings accounts must complete a Form 5498-SA for each person for whom he maintains an account, reports the Internal Revenue Service. For each different type of account, the IRS requires that the taxpayer file a separate form.

The IRS requires that taxpayers report rollovers between Archer medical savings accounts and between health savings accounts on Form 5498-SA, according to the agency's website. If a taxpayer received a complete distribution from a health savings account or from an Archer medical savings account and did not make any contributions during the tax year, the IRS does not require him to file Form 5498-SA.

If the owner of a medical savings account dies, the taxpayer must file a Form 5498-SA and furnish a statement on the deceased individual's behalf, according to the IRS. If the account beneficiary is the deceased person's spouse, the spouse becomes the account holder of the health savings account or Archer medical savings account. The spouse may not make any further contributions to a Medicare Advantage account. If the account beneficiary is someone other than the deceased person's spouse or if there is no beneficiary, the IRS no longer considers the account to be a medical savings account.

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