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Form 5498-SA is issued to the beneficiaries and IRA by the end of May to verify the contribution to the IRA, which is set by the limits of the government. Every custodian sends this form after the tax session ends.
How can i submit the Form 5498-SA?
It is necessary to file Form 5498-SA to avoid any future penalties. However, there is no fixed penalty for not submitting the Form 5498-SA by the end of May 31, but if you do so, then the IRS can impose a penalty based on late submission, wrong information, and not providing all the necessary documents.
I have submitted my Form 5498-SA before 31 May, which includes all the details that are provided by the Internal Revenue Department to report the contributions made to the Health Savings Account, Medicare Advantage, and Archer Medical Savings Account in a year.
You can submit your Form 5498-SA by filing out the application form and following all the details of the Form 5498-SA, which is given by the IRS, before the due date.
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The deadline for the Form 5498-SA is 31st May. However, in some conditions, 31 May falls on the weekends, so the deadline will automatically shift to the next business day.
Custodians HSA needs to fill out the Form 5498-SA by the end of May in the following financial year. If they don't have this form by the end date, which is 31 May, then they need to tell the custodian about the status.