- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
What is expected HSA contributions in 5498-SA form if I remove excess contributions in February 2020?
Hi, I have HSA account transferred from previous employer. I'm not in high deductible medical plan, so I'm not eligible for HSA contribution. My HSA account is with same financial institution that have my saving/checking account. Now here is mistake happened - I accidentally had moved funds from regular checking account to HSA account on 6-April-2019. I had immediately transferred back that amount on 7-April-2019.
On 3-February-2020, I spoke with bank person and they are going to issue 2 1099-SA forms. One form with distribution of type 2 (excess contributions) and another form with distribution of type 1 (normal distribution). Since form 5498-SA would be reported to IRS and me in May, I wouldn't know if my accidentally transferred amount is still reported as "contributions" on 5498-SA form to IRS or would it also be corrected to show $ ZERO contributions.