What Form Reports HSA Contributions? Understanding HSA Contributions Reporting

Health Savings Accounts (HSAs) are a great way to save for medical expenses while enjoying tax benefits. As you contribute to your HSA, you may wonder how these contributions are reported to the IRS. The form that reports HSA contributions is the Form 5498-SA.

Form 5498-SA is sent to both the account holder and the IRS by the HSA custodian (usually the financial institution where your HSA is held) each year. This form details the total contributions made to your HSA during the tax year.

Here are some key points to remember about Form 5498-SA and HSA contributions reporting:

• Form 5498-SA reports your total HSA contributions, including contributions made by your employer and any contributions you make on your own.
• You should keep this form for your records and provide it to your tax preparer, as it is needed when filing your taxes.
• Contributions made to your HSA reduce your taxable income for the year, lowering your overall tax liability.
• It's important to report HSA contributions accurately to ensure compliance with IRS regulations and maximize your tax savings.

Are you taking advantage of a Health Savings Account (HSA) to save for your medical expenses? Well, understanding how your HSA contributions are reported to the IRS is crucial. Each year, your HSA custodian sends out Form 5498-SA, which reports the total contributions you've made to your account. This includes any additions from your employer as well as your personal deposits.