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File 5498-SA Online

Forget tiring paper filing and switch to modern, seamless and automated e-filing system with E-File Workforce Payroll to file 5498-SA online.

What is Form 5498 SA?

Form 5498-SA is a tax document used to report contributions made to certain health-related saving accounts. It is titled as: “HSA HSA, Archer MSA, or Medicare Advantage MSA Information”.

Quick Note: You will receive Form 1099-SA to report any distributions used for medical expenses. Similarly, for retirement accounts, you will get Form 5498 to track your IRA contributions.

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5498 SA
Files 5498-SA Tax Form

Who Files 5498-SA Tax Form?

Tax form 5498-SA is filed by:

  • Banks
  • Credit unions 
  • Other financial institutions 

For trustees and custodians of HSA, MSA and Archer MSAs, it is necessary to file separate forms for each person for whom they maintain any of these accounts in a calendar year.

Penalties for Tax Form 5498-SA Late Filing

The IRS imposes penalties on trustees and custodians who file tax form 5498 SA late or don’t file at all.

  • Filed within 30 days of the due date: The penalty is $60 per return with a max of $239,000 in total. 
  • Filed before August 1: The penalty increases to $130 per return with a maximum of $683,000 in total.
  • Filed after August August 1 or not filed at all: The penalty further increases to $340 per return. Maximum penalty is $1,366,000.
  • Failure to File: If it’s an intentional failure to file IRS impose $680 per return (for 2025). Also, there is no maximum penalty in this case.

Note: The IRS may also charge interest on penalties depending on the amount and delay.

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Form 5498-SA Due Dates:

  • The IRS has the same deadlines for the 5498 SA form for both paper filing and electronic filing.

    • Paper filing: By May 31, 2026(or June 2, 2026)
    • Electronic filing: By May 31 2026(or June 2, 2026)

Quick Note: Some sources might mention the 30th June deadline for e-filing. However, the IRS has generally stated May 31 (or the next business day) for both paper and electronic filing for Form 5498-SA.

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Form 5498-SA & Instructions

The IRS encourages electronic filing of tax forms. You can use E-file Workforce Payroll for this purpose. Here is step-by-step process:

  • Sign up for an E-file Workforce Payroll account or log in if you already have one.
  • From the main dashboard, select “Filing” and then choose “Start New Filing” from the drop-down.
  • Put your filing year and form type and submit.
  • A new form with all required fields will appear on the screen. Provide the information and submit it.

That’s all! You can repeat the process for each form one by one.

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Form 5498-SA

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    Form 5498-SA: Common Inquiries and Responses

    Form 5498 SA is a tax form submitted by trustees and custodians to the IRS. It reports contributions to HSA, MSA and Archer MSA made by individuals.
    As an individual, you don’t have to do anything with form 5498 SA. The bank or credit union where your health savings account is will send it to you. Keep it for your personal records.
    It is used in three ways: The IRS uses it to keep track of contributions in these accounts and ensure it follows the contribution limit. Banks and credit unions use it to ensure tax compliance and report contributions. Individual account holders keep it for record purposes of their contributions.
    You don’t file Form 5498-SA with your tax return. You do need the information it provides to accurately complete certain parts of your tax return, particularly Form 8889, if you have an HSA.

    Gather all the necessary details, including the employer’s details, business details, total tips received, and general information about the business. Fill all the details in the respective fields and ensure no data is incorrect. Further, be sure tips received must be 8% of the gross receipts. Any less than 8% will not require filing of 8027 from.

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