Do I Need to Wait for IRS Form 5498-SA to File My Taxes?

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30 sec brief

Wondering how you're supposed to file your taxes before you receive IRS Form 5498-SA? Lively has you covered, learn what to do to keep yourself IRS compliant.

We are in the thick of tax season and some of you (especially those who are expecting a refund) are anxious to get your taxes filed. If you have an HSA, you might be waiting on your IRS Form 5498-SA. IRS Form 5498-SA are typically sent out in May of each year. What can you do if you want to file your taxes now and not file a tax submission extension to wait for IRS Form 5498-SA?

Do You Need an IRS Form 5498-SA?

IRS Form 5498-SA is only required if you contributed funds into your HSA in the previous year until April 15 of the current year, including rollover funds. Most HSA provider will send this form out in May. Note for 2018, the tax filing deadline is April 15, 2019 (meaning you have until April 15th to have contributions posted to your account).

Can You File Your Taxes without an IRS Form 5498-SA?

The short answer is yes. The long answer is you need to be detailed and vigilant to ensure you keep in compliance with IRS rules and regulations. To file your taxes without IRS Form 5498-SA, you can do the following:

  • Log into your HSA provider
  • Review your HSA contributions since Jan 1, 2018
  • Account for your projected HSA contributions until April 15, 2019. Be precise, this is not an estimate, it needs to be 100% accurate
  • Calculate your total 2018 HSA contributions from Jan 1, 2018, to April 15, 2019.

This number is the effective contribution total that will be reported on IRS Form 5498-SA. You will need to keep to this HSA contribution schedule until April 15, 2019 to ensure your tax returns are accurate for 2018.

Understanding the IRS HSA tax complexities allow you to make the tax decisions you need (in the time frame you want to make them). With this new knowledge, you can file your taxes and be compliant with all HSA contributions for 2018. If need help getting organized, you can Download Our Free HSA Checklist.

Nothing on this page is intended to provide any tax, legal, insurance or financial advice. Please consult with a professional in those areas for specific advice related to your situation. Additional forms may be required for federal or state tax purposes. For more information on HSAs and tax or reporting requirements, please refer to IRS Publication 969.

Disclaimer: the content presented in this article are for informational purposes only, and is not, and must not be considered tax, investment, legal, accounting or financial planning advice, nor a recommendation as to a specific course of action. Investors should consult all available information, including fund prospectuses, and consult with appropriate tax, investment, accounting, legal, and accounting professionals, as appropriate, before making any investment or utilizing any financial planning strategy.

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