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NO ... you must amend the 2020 & 2021 returns to address the distributions on the 1099-SA forms before the IRS sends a notice with a bill. The form 5498 is informational only and should just reflect the contributions already reported on the W-2 and the current value of the account which is not entered on the return at all.
Ok, I had thought so but wanted to verify. Tax codes are a hot sticky mess and I didn't want to just leave it and it come back to bite me in the rear. THANK YOU!
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