Form 5498-SA is used to track contributions to medical accounts. Also known as the HSA, Archer MSA, or Medicate Advantage MSA Information form, the document is issued by the trustee or custodian of certain medical accounts, including:
- Health Savings Account (HAS)
- Archer Medical Savings Account (Archer MSA)
- Medicare Advantage MSA (MA MSA)
One 5498-SA form is required for each type of plan, even if several belong to the same person. Unlike other types of medical-related forms, like Form 1099-SA, Form 5498-SA is an informational form only. This means it does not need to be filed with an individual’s income tax return. That said, completing this form promptly and accurately is still essential.
Additional Information About Form 5498-SA
The instructions for Form 5498-SA are extremely detailed. If you are required to file this form, you must provide a statement to the participant by June 1. You can also, but are not required to, provide the participant with a statement of their account by December 31. Additionally, Form 5498-SA must be filed in the case of a medical account holder’s death or account change. If you furnished a statement of the account to the participant and no reportable contributions (including rollovers) were made for the year, you do not need to furnish another statement of Form 5498-SA.
Who Can Benefit from a 5498-SA Software Solution?
You are only responsible for completing Form 5498-SA if you are the custodian of one of the aforementioned medical accounts. This typically means insurance providers and financial institutions are the only entities to handle this form. If you work in the accounting department of one of these organizations, you are likely very familiar with Form 5498 and its idiosyncrasies. You also likely need to complete hundreds of these forms each year. This is where Advanced Micro Solutions (AMS) can help.
Filing hundreds of versions of the same form can become a challenge for accounting professionals who do not use software tools. Our semi-automated accounting software is a great tool for this exact meed. If you’re interested in making Form 5498-SA filing simpler and faster, AMS has the answer.
W2 - 1099 Forms Filer Pricing
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How AMS Accounting Software Works
The W2-1099 Forms Filing software from AMS is a great solution to Form 5498-SA filing. The tool supports forms 5498, 5498-ESA, and 5498-SA, as well as all 1098, 1099, W-2, and W-3 forms. As a business that handles 5498-SA on a consistent basis, this software can have several uses. Importantly, data can be imported from a variety of sources, including Excel, form print files, and ordinary text files – an important consideration for the information-heavy Form 5498-SA. The software also automatically saves all data and work, allows for up to 99,999 employees/recipients per payer, and has an intuitive, user-friendly data entry method.
Our W2-1099 Forms Filing software is the base software for our entire accounting suite. This means that users can select add-ons to build their own customized software solution. See below for our full catalogue.
- W2/1099 Forms Filer (required purchase)—$79
- Payroll Module—$129
- E-File Direct—$149
- Affordable Care Act Filer—$79
- 1042-S Filer—$79
- Software-Generated Forms—$79
- Forms Filer Plus—$49
Don’t let 5498-SA take up the bulk of your annual tax season. With AMS, form preparing and filing is easier than ever.