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Entering Form 5498-SA for an individual in ProConnect

SOLVED•by Intuit•56•Updated almost 2 years ago

This article will help with entering Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information, in the Individual module of Intuit ProConnect.

Who must file Form 5498-SA?

The taxpayer must file Form 5498-SA if they're the trustee or custodian of a:

  • Health Savings Account (HSA)
  • Archer Medical Savings Account (Archer MSA), or
  • Medicare Advantage MSA (MA MSA)

The taxpayer must file Form 5498-SA for each person for whom they've maintained an HSA, Archer MSA, or MA MSA. A separate form is required for each type of plan.

How do I enter Form 5498-SA in the program?

ProConnect doesn't have direct inputs for each of these boxes. Refer to the IRS Instructions for Form 5498-SA for more information.

Follow these steps to enter 5498-SA, box 1:

  1. From the left of the screen, select Deductions and choose HSA/MSA/LTC Contracts (1099-SA, 5498-A).
  2. Select Medical Savings Acct (8853).
  3. Scroll down to the MSA Contributions and Deductions section.
  4. Enter an amount in the Total MSA contributions that you made (5498-SA, box 1) field.

For HSAs, add boxes 2 and 3 and enter the result. For MSAs, boxes 2 and 3 should already be included in box 1.

Follow these steps to enter 5498-SA, boxes 2 and 3:

  1. From the left of the screen, select Deductions and choose HSA/MSA/LTC Contracts (1099-SA, 5498-A).
  2. Select Health Saving Accounts (8889).
  3. Scroll down to the Contributions and Deductions section
  4. Enter a 1 or an amount in the HSA Contributions that you made (press F1) (1=maximum) field.
    • Don't enter company contributions on this line.
    • This amount goes to the Form 8889, line 2.

Refer to the IRS Instructions for Form 8853 and the Instructions for Form 8889 for information on entering Form 5498-SA, box 4.

  1. From the left of the screen, select Deductions and choose HSA/MSA/LTC Contracts (1099-SA, 5498-A).
  2. Select Health Saving Accounts (8889).
  3. Scroll down to the Excess Contributions (5329) section.
  4. Enter an amount in the Value of HSA on 12/31/YY (5498-SA, box 5) field.
    • YY represents the two-digit tax year.
  1. From the left of the screen, select Deductions and choose HSA/MSA/LTC Contracts (1099-SA, 5498-A).
  2. Select Medical Saving Accounts (8853).
  3. Scroll down to the MSA Excess Contributions (5329) section.
  4. Enter an amount in the Value of MSA on 12/31/YY (5498-SA, box 5) field.
    • YY represents the two-digit tax year.

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