Which Tax Form Tells the Value of Your HSA? | HSA Awareness

When it comes to managing your Health Savings Account (HSA), it's important to stay informed about the financial aspects, including the value of your HSA for tax purposes. The tax form that tells the value of your HSA is Form 5498-SA.

Form 5498-SA is provided by your HSA custodian or trustee annually, typically by May 31st each year. This form reports contributions, rollovers, and fair market value of your HSA for the previous tax year. It is essential for accurately reporting your HSA activity on your tax return.

Here are some key points to remember about Form 5498-SA:

• It shows the total contributions made to your HSA during the tax year.
• It reports any rollovers or transfers into your HSA.
• It reveals the fair market value of your HSA as of the last day of the tax year.

Understanding your Health Savings Account (HSA) is key to reaping its financial benefits, especially when it comes to tax time. The form you need to look out for is Form 5498-SA, which acts as a report card for your HSA.