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Typically, taxation is quite cumbersome. The importance of the event puts some stress on the individual, and filling out the form can be challenging. Each character in the Form 5498 sa for 2024 matters at such a critical moment, so filling out a printed form might take much more effort and time than an electronic one. To make this process more efficient, use DocHub and complete your taxation year effortlessly.

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The information on Form 5498 is submitted to the IRS by the trustee or issuer of your individual retirement arrangement (IRA) to report contributions, including any catch-up contributions, rollovers, repayments, required minimum distributions (RMDs), and the fair market value (FMV) of the account.
You dont need to enter information from your Form 5498 (IRA Contribution Information) into TurboTax like you do with a W-2 or 1099s. In most cases, youll find the info needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.
What is the difference between Form 1099-SA and Form 5498-SA? Form 1099-SA reports distributions from an HSA, Archer MSA or MA MSA, whereas Form 5498-SA reports contributions to any of those accounts.
No. You arent required to do anything with Form 5498 because its for informational purposes only. Please be sure to keep this form for your records as youll need this information to calculate your taxable income when you decide to take distributions from your IRA.
No. You arent required to do anything with Form 5498 because its for informational purposes only.

People also ask

Are company contributions made to employees HSA and Archer MSAs included on the form? Yes, any money your company paid into accounts is reflected in the total contributions box. You would also report the information on your employees W-2 forms as a part of their total compensation.
Form 5498: IRA Contributions Information reports to the IRS your IRA contributions for the year along with other information about your IRA account. Your IRA custodiannot youis required to file this form with the IRS, usually by May 31. You wont find this form in TurboTax, nor do you file it with your tax return.
Form 5498: IRA Contributions Information reports your IRA contributions to the IRS. Your IRA trustee or issuer - not you - is required to file this form with the IRS by May 31.
Where does Form 5498-SA go on a tax return? Participants of an HSA, Archer MSA or MA MSA do not have to file Form 5498-SA with their individual income tax return. However, if distributions from any of these accounts were taxable, they should be noted on Schedule 1 of Form 1040, Part I, line 8e.

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