Entering Form 5498-SA for an individual

Form 5498-SA is required to be filed by trustees or custodians of health savings accounts (HSAs), Archer medical savings accounts (Archer MSAs), or Medicare Advantage medical savings accounts (MA MSAs).

Lacerte doesn't have direct inputs for each of these boxes, but the form often provides valuable information for completing your client's return. Refer to Form 5498-SA for more information.

Table of contents:

Box 1, Archer MSA contributions:

To enter Box 1 - Employee or Self-employed person's Archer MSA contributions made in 2023 and 2024 for 2023:

1. Go to Screen 32, HSA/MSA/LTC Contracts(1099-SA,5498-SA), and then select Archer Medical.
2. From the upper-left, under the Savings Acct (8853) section, go to Screen 32.2, Archer Medical Savings Acct (8853).
3. Scroll down to the MSA Contributions and Deductions section.
4. Enter the amount in Total MSA Contributions that you made (5498-SA, box 1).

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Boxes 2 and 3, total contributions:

Box 2 reports the total contributions made in the current tax year, and box 3 reports the total HSA or Archer MSA contributions made in the next tax year for the current tax year.

For an MSA:

These amounts were already included in box 1, and don't need to be re-entered.

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For an HSA:

These amounts may need to be entered to complete Form 8889. However, boxes 2 and 3 will include amounts that were contributed to the HSA by an employer, as well as employee contributions made through payroll deductions.

1. Add the amounts together in boxes 2 and 3 to arrive at the taxpayer's total contributions toward the current tax year limit.
2. Compare this sum to the amount of HSA contributions reported on Form W-2, box 12, code W.
   • If the sum is equal to the W-2 contributions, stop here. You don't need to enter the box 2 and 3 amounts in the return. All contributions were employer made or elective deferrals, and will flow to Form 8889, line 9 automatically.
   • If the sum is greater than the W-2 contributions—or if no W-2 contributions were reported for this individual—continue with the steps below.
3. Go to Screen 32.1, Health Saving Accounts (8889)
4. Scroll down to the Contributions and Deductions section
5. Enter the amount of contributions not reported on a W-2 in HSA Contributions that you made (press F1) (1=maximum). This amount will flow to Form 8889, line 2.

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Box 4, rollover contributions:

Box 4 reports any contributions for the current year that were rolled over from another qualifying savings account. Rollover contributions aren't included in boxes 1, 2, or 3. This amount, along with distributions from the original account reported on Form 1099-SA, can help you accurately complete Form 8853 or Form 8889.

• See the Form 8853 instructions to determine how an MSA rollover should be reported.
• See the Form 8889 instructions to determine how an HSA rollover should be reported.

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Box 5, fair market value:

For an HSA:

1. Go to Screen 32.1, Health Savings Accounts (8889).
2. Scroll down to the Excess Contributions (5329) section.
3. Enter the amount in Value of HSA on 12/31/23 (5498-SA box 5).

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For an MSA:

1. Go to Screen 32.2, Archer Medical Savings Acct (8853).
2. Scroll down to the MSA Excess Contributions (5329) section.
3. Enter the amount in Value of MSA on 12/31/23 (5498-SA box 5).

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