Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) (2023); Instructions for Forms 1099-SA and 5498-SA (2023)
The IRS has released Form 5498-SA for the 2023 tax year, along with its instructions, which are combined with the instructions for Form 1099-SA. (The 2023 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 to report contributions to (and the fair market of) HSAs, Archer MSAs, and Medicare Advantage MSAs, 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 2023 Form 5498-SA and instructions are substantially the same as the 2022 counterparts, but the instructions have been modified to update filing and delivery deadlines.
EBIA Comment: The 2023 Form 5498-SA should not be used until 2024, when reporting for the 2023 tax year is due. (Prior year forms should be used in the meantime (see our Checkpoint article).) 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”).
Contributing Editors: EBIA Staff.