What is 5498sa?
The 5498-SA tax form is used to report contributions to a health savings account (HSA). It is for informational purposes and is not required to file a tax return.
Where do I find my HSA contributions on my W2?
To report your HSA contributions on your tax return, you will need a copy of your W-2 for the total pretax contributions made by you through payroll or by your employer. This can be found in box 12, code W of your W-2.
Form 5498 reports your total annual contributions to an IRA account and identifies the type of retirement account you have, such as a traditional IRA, Roth IRA, SEP IRA or SIMPLE IRA. When you claim a deduction for your IRA contributions, you should reference the amounts on the Form 5498.
Where do I find my HSA contributions on my W-2?
Does Box 2 of Form 5498-SA include employer contributions?
Just be aware that Box 2 on Form 5498-SA will include all amounts contributed in 2020, regardless of the tax year to which they were applied, so your W-2 should be the source for your pre-tax contribution amount on your taxes. Your W-2 will be distributed to you by your employer or payroll company.
Where to find W2 code for HSA 5498?
Contact your HSA custodian (or look at your statements online) and ask for the amount of contributions to your HSA – actual cash contributions, not things that your employer calls HSA contributions. The amount of actual cash contributions to your HSA is what should be reported in box 12 with a code of W on your W-2.
How is my HSA contribution counted on my W-2?
Conversely, my employer is counting the contribution toward the year I received the paycheck. For example, the $209.60 shows up on my W-2 for 2017 but does not show up on my HSA 5498-SA. The HSA customer service confirmed that it is being counted toward 2018.
What does Box 2 on HSA form show?
Box 2: This box shows the total contributions made in 2020 to your HSA. Important: This includes any IRA-to-HSA transfers and any contributions made in 2020 for 2019. Box 3: This box shows the total contributions to your HSA made in 2021 for 2020.
When is the 5498-sa form sent out?
Form 5498-SA is sent out at the beginning of June. 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. Trustee information: You’ll see the name, address, and number of your HSA trustee here.
