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Form 5498-SA includes all the contributions which is made to the HSA during the relevant tax year. This contribution includes both employers and employees. All the contributions must be filled by he end deadline, which is 15th April, so it can include the contributions made in the current year and last year.
Form 5498-SA is an important form that includes all your contribution information for your personal records, and you don't need to attach this form to your tax return. The taxpayers need to fill in all the personal information with their personal records, but there are no tax consequences until the funds are distributed from the account.
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Form 5498-SA is not directly connected to the taxes. It is an informational form that allows you to report your Health Savings contributions on the IRS Form 8889, from which you can receive tax benefits.
Form 5498-SA also acts as an official document for the HSA contributions and activities in the event of an IRS audit. This form helps you to get the process and provide great support to claim the deductions.
If any taxpayers don't contribute to the HSA, then they are required to file Form 8889 along with their tax return. Form 5498-SA is used to reconcile and verify the amounts that are reported on the Form 8889 to ensure more accuracy in the tax report.
Form 5498-SA also acts as a verification of the tax deduction of the contribution to HSA. Taxpayers don't have to attach their tax return form, but if they have one, then it can be helpful.
Form 5498-SA helps track contributions made to the HSA within a financial year. This is necessary information to ensure that all the contributions are made within the limits set by the IRS. If anyone contributes more than the limits, then they are liable to pay penalties and tax complications.