HSA Form 5498-SA v. 1099-SA

[ChicagoJ]

Hello!  For my HSA contributions I received the 5498-SA form but did NOT receive a 1099-SA form for 2023.  I did not take any distributions, and I see that it is possible (or likely?) that I will not receive the 1099-SA if I did not take any distribution.   I also have been told the 5498-SA form is "informational" and should not be entered into TurboTax.  So my question is this:  What do I need to report in TurboTax related to my HSA?  I fully contributed into my HSA.

The 5498-SA form says, "Please use this information to fill out IRS tax form 8889, which is what you need to submit your taxes."  So what do I fill out in TurboTax to take care of this?  I don't think I've taken a distribution for my HSA in a few years but this is the first year I recall not getting a 1099-SA form.  Can anyone please help?  Thanks!

[BillM223]

1. The 1099-SA is indeed for distributions only, not for contributions.

2. The 5498-SA is indeed for information only.

3. This means that you don't put anything from the 5498-SA into TurboTax, because you should already have all the information you need.

4. You said you made contributions: some of them were through (and by) your employer, appearing as code W in box 12 of your W-2, and others possible made directly to the HSA custodian (not through your employer).

4.A. you entered the initial contributions when you entered your W-2.

4.B. if you made direct contributions, then I am assuming that you know this amount (like from your checkbook). I say this because figuring out the 2023 direct contribution from the 5498-SA is convoluted for the taxpayer (read the instructions for Box 2 for the 5498-SA at the Instructions for "Forms 1099-SA and 5498-SA" - note that this document starts with the 1099-SA.

Once you have done 4.A and 4.B, you have entered what you needed to for your HSA for 2023. I don't know why you've gotten 1099-SA most years, if you didn't take anything out of the HSA...

[ChicagoJ]

Thanks so much, BillM223!  I did not make any direct contributions to my HSA -- everything was a payroll deduction and this was entered into TurboTax via my W-2, as you stated.  Does this mean the IRS 8889 form will automatically be generated based on this?  Is there nowhere I need to plug in that I took $0 in distributions?  Thanks again!

[BillM223 · Accepted solution]

The 8889 is indeed automatically generated by TurboTax, based on your entries.

No, please do not enter the $0 in distributions. 

[Fash]

I don't have a 1099-SA (didn't take any distributions) but received 1095-C and 5498-SA. Where TurboTax asks "Tell us about health-related accounts you had in 2023", do I leave all boxes (HSA MSA etc) unchecked?

[JamesG1]

IRS Forms 1095-B and 1095-C are for your records only, as the IRS does not need any details from them.  See here.

IRS Form 5498-SA is for informational purposes.  You do not need to enter it into TurboTax.  See here.

When you claim a deduction for your IRA contributions, you will reference the amounts on IRS Form 5498.

Retain the forms for your records.

@Fash 

[RM95119]

The amount reported in box 2 of my HSA 5498-SA is indeed reported on my W-2 box 12c with code W. This would validate the comments that we do not need to enter the 5498-SA info separately, as this would be a double entry. 

While we are on the topic, for what it's worth, I also received form 5498 "IRA Contribution Information", with a letter attached from the broker telling me it is also for informational purposes, and is a record of any deposits made to be kept with my tax documents.