Form 5498-SA

[tsuewalker]

Client has above listed form. On side one it has the HSA FMV of $44.58, then below that, it has detailed investment information, listing the beginning balance on January 2014 was $44.46 and then the ending balance was $44.58 (.12 interest). On the other side it is Form 5498-SA, with the amount $44.58 in box 5 (FMV) and then the HSA box is checked in Box 6. I'm not sure what I need to do with this. I'd appreciate your help. Thank you in advance

TSW

[Gary2]

Do nothing. If there were contributions showing in boxes 1-4, you'd need to file an 8889, but a 5498 showing no contributions is just informative.

[TaxprepP]

If the HSA is a pretax plan the form is for inormational purposes. To my knowledge, HSAs are pretax.

[bgiez]

HSAs are not necessarily pretax

If the HSA is a pretax plan the form is for inormational purposes. To my knowledge, HSAs are pretax.

After tax contributions can be made and the contribution is an adjustment to income on line 25.

[Gary2]

Whether pre-tax or post-tax, Form 8889 is required if there are any contributions or distributions. Both pre-tax and post-tax will be shown on the 5498-SA.

In this case, the 5498-SA doesn't trigger the 8889 because it doesn't indicate any contributions. A 1099-SA, for distributions, would trigger the 8889.