Form 5498-SA is an IRS form used to report HSA, Archer MSA, or Medicare Advantage MSA Information. This resource page provides an overview of filing requirements, deadlines, and Penalties of form 5498-sa.
Form 5498-SA
Form 5498-SA is an IRS information return used by trustees or custodians of Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), or Medicare Advantage MSAs (MA MSAs) to report contributions, rollovers, and the fair market value (FMV) of these accounts for a given tax year.
Simplify your 5498-SA filing for HSA, Archer MSA, and Medicare Advantage MSA reports and deadlines.
File your Form 5498-SA online with TaxZerone — secure, simple, and reliable.
Information needs to be Reported on the Form 5498-SA
- Total contributions made to the account for the tax year.
- Rollover contributions and qualified HSA funding distributions.
- The fair market value of the account as of December 31 of the tax year.
Last date to file Form 5498-SA
Trustees must file this form before the Form 5498-SA deadline to ensure compliance with the IRS and to avoid penalties.
| Form 5498-SA | Deadlines |
|---|
| Send FMV statement | January 31, 2025 |
| Send participant’s copy | June 02, 2025 |
| IRS E-filing | June 02, 2025 |
| Paper filing | June 02, 2025 |
Note: The deadline for furnishing FMV statement and participant’s copy remains the same for any filing method.
Need more time to file Form 5498-SA?
No problem! You can request a 30-day extension by filing Form 8809, to avoid penalties and stress-free.
Filing methods of Form 5498 SA
Paper Filing
Filing 5498-SA with the IRS using the paper method usually takes a lot of your time. You have to fill in the form manually and send it to the IRS before the deadline. In case any error is found by the IRS, you will receive a penalty.
Electronic Filing
The IRS suggests electronic filing to make the process simple, secure and more efficient. It will help them to reduce the chance of getting errors and to avoid penalties.
Penalty
If the trustee fails to file the form before the deadline IRS may impose a penalty and it starts accumulating interests until you file with them correctly.
| Scenario | Penalty per return | Small businesses | Large businesses |
|---|
| Filed within 30 days | $60 | $239,000 | $683,000 |
| Filed more than 30 days before August 30 | $130 | $683,000 | $2,049,000 |
| Filed after August and later | $340 | $1,366,000 | $4,089,500 |
| Interntional Disregard | $680 | No maximum penalty | No maximum penalty |
How to file 5498-SA Form with TaxZerone?
File your IRS form 5498-SA easily in 3 simple steps.
Step 1: Log in to your TaxZerone Free Account
Step 2: Choose Form 5498-SA and enter the required details of trustees and participants including rollover contribution, FMV of the account.
Step 3: Review and transmit it to the IRS and send participant copies through ZeroneVault or postal mailing.
