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IRS Releases 2022 Versions of HSA Reporting Forms

EBIA  

EBIA  

Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2022); Instructions for Forms 1099-SA and 5498-SA (2022)

Form 5498-SA

Form 1099-SA and 5498-SA Instructions

The IRS has released Form 5498-SA for the 2022 tax year, along with its instructions, which are combined with the instructions for Form 1099-SA. (The 2022 General Instructions for Certain Information Returns, which relate to these and certain other information returns, have not yet been released.) Form 5498-SA is used by trustees and custodians of HSAs, Archer MSAs, and Medicare Advantage MSAs to report contributions to (and the fair market value of) these accounts, while Form 1099-SA is used to report distributions from these accounts. Form 1099-SA is a “continuous use” form, meaning that it is not revised annually but will only be updated as needed (see our Checkpoint article). The 2022 versions of Form 5498-SA and its instructions are substantially the same as their 2021 counterparts, but the instructions have been modified to update filing and delivery deadlines.

EBIA Comment: The 2022 forms should not be used until 2023, when reporting for the 2022 tax year is due. These forms provide useful information to account holders, who have reporting obligations of their own. Generally, HSA account holders report their contributions and distributions on Form 8889, while Archer MSA and Medicare Advantage MSA account holders report on Form 8853. For more information, see EBIA’s Consumer-Driven Health Care manual at Section XVII (“HSAs: Reporting Requirements”). You may also be interested in our webinar: “Health Savings Accounts (HSAs) in 2021: Advanced Issues and Recent Developments” (recorded on 5/26/21).

Contributing Editors: EBIA Staff.

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