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How To Understand Your 5498-SA Form

Each year, HSA providers are required to send a copy of Form 5498-SA to all HSA accountholders (unless the accountholder took all the funds out of their HSA that year and didn’t make any contributions).

Form 5498-SA is sent out by the end of May, so you’ll receive it in the beginning of June at the latest. It doesn’t need to be filed with your taxes; it’s provided for informational purposes. We recommend comparing it against your tax return and keeping it for your records.

Here’s how to read your 2017 Form 5498-SA:

 

Trustee information: You’ll see the name, address, and number of your HSA trustee here. If you have an HSA through HealthSavings, you’ll see FPS Trust listed here.

“Void” box: If this box is checked, your HSA provider is informing the IRS that your HSA is void.

“Corrected” box: If this box is checked, the IRS had previously received incorrect information and your HSA provider is correcting the information.

Box 1: This box is only for contributions made to Archer MSAs. If you don’t have an Archer MSA, you’ll get a value of zero for this box.

Box 2: This box shows the total contributions made in 2017 to your HSA. Important: This includes any IRA-to-HSA transfers and any contributions made in 2017 for 2016.

Box 3: This box shows the total contributions to your HSA made in 2018 for 2017.

If the sum of Box 2 and Box 3 is higher than the 2017 contribution limit ($3,400 for self-only coverage, $6,750 for family coverage), that doesn’t automatically mean you contributed too much in 2017. Remember that Box 2 also includes any contributions made in 2017 for 2016. If you have a question about your contributions, your HSA provider can help.

Box 4: This box shows any HSA rollovers made in 2017. If you made a direct HSA-to-HSA transfer in 2017, you won’t see that here. See the differences between HSA rollovers and transfers here.

Box 5: This box shows the fair market value of your account as of December 31st, 2017.

Box 6: This box shows what type of savings account you have.

Author: James Denison