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Form 5498-SA is a crucial document that is provided to the IRS and participating employees by the account trustee each year, who wants to participate in or wants to manage a Health Savings Account (HSA), Archer Medical Savings Account, or Medicare Advantage (MAMSA). The only purpose of the Form 5498-SR is to report how much money they have contributed in a financial year to the HSA, Archer MSAor MA MSA.
Form 5498-SA is used to cover the money that is saved or put aside for future healthcare expenses. This form helps to report the donations made to Medicare Advantage MSAs (MA MSAs), Archer's medical savings account, and Health Savings Accounts. This form includes the reports and contributions made in a financial tax year.
Form 5498-SA should be reported by any qualified HSA fund or distribution to an HSA under section 408(d) (9), contributions to the HSA that is closed by the custodian or trustee.
The contribution made in Archer MSA is deductible, and the employer's contributions from the apart from their income are not deductible.
Here are a few instructions to complete your Form 5498-SR:
I have filled out Form 5498-SR from the official IRS website and filed an online application form.
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Archer's MSAs and MA MSAs account holder dies, then these conditions apply: