What is IRS Form 5498-SA?

Form 5498-SA is an IRS tax form that reports contributions to certain tax-advantaged savings accounts, specifically Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs. The form shows how much money the account holder or their employer contributed to one of these accounts in a given tax year.

Understanding this form is key for small business owners who offer HSAs or MSAs as part of an employee benefits package. It will help them stay compliant with IRS rules and help employees manage their healthcare savings.

Who issues Form 5498-SA?

This form is issued by the financial institution (trustee or custodian) that manages the HSA, Archer MSA, or Medicare Advantage MSA. The employer or the employee does not fill it out, but employers may want to be aware of its purpose, especially if they make HSA contributions on behalf of their team.

Form 5498-SA must be sent to both the IRS and the account holder. Although it reports contributions made during the tax year, the form is generally issued by the end of May the following year.

What’s reported on Form 5498-SA?

Form 5498-SA includes important details such as:

Total contributions made to the HSA or MSA for the year
Rollover amounts from one account to another
Fair market value (FMV) of the account at year-end
Type of account (HSA, Archer MSA, or Medicare Advantage MSA)

The IRS uses this information to verify that contributions didn’t exceed the annual limits set by law.

Why is this form important for employers?

If you offer HSA benefits as part of a group health plan or contribute to employee HSAs, it’s helpful to understand what this form tracks—even if you're not the one filing it.

Employers should:

Ensure that any contributions made on behalf of employees are within IRS limits
Keep records of contributions for their own payroll and tax reporting
Understand how these benefits factor into total compensation and employee wellness

With a tool like Homebase, you can track total compensation and streamline payroll processing, making managing all aspects of employee benefits easier.

2025 HSA contribution limits

For the 2025 tax year, the IRS limits for HSA contributions are:

$4,300 for individuals with self-only coverage
$8,550 for individuals with family coverage
An additional $1,000 catch-up contribution is allowed for individuals age 55 or older

These limits include both employer and employee contributions. Employers should consider these thresholds when offering or contributing to HSA plans.

How does this differ from other tax forms?

Form 5498-SA reports contributions to HSAs and MSAs.
Form 1099-SA reports distributions (money taken out of the account).

The IRS uses both forms to confirm that the money is being contributed and withdrawn according to tax guidelines.

Do employers need to file Form 5498-SA?

No, employers do not file Form 5498-SA. That responsibility lies with the financial institution that holds the account. However, if you're contributing to an HSA through payroll, you’ll need to:

Properly report contributions on employees' W-2 forms (Box 12 with code W)
Coordinate with your payroll provider to ensure accuracy

Try Homebase Payroll to automate benefit contributions and stay in sync with HSA reporting requirements.

How Homebase helps small businesses manage benefits and payroll

Managing benefits like HSAs and ensuring accurate payroll deductions can feel overwhelming, but Homebase Payroll simplifies the process. You can:

Track employer HSA contributions alongside wages and other benefits
Generate accurate W-2 forms for year-end reporting
Stay compliant with IRS contribution limits and deadlines
Keep everything in one place—from time tracking to tax filing

Sign up for Homebase to manage employee benefits and payroll the smart way.

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