FORM 5498 SA

[Lee B]

I have had 3 clients now that have not received a 5498 SA for their 2015 HSA contributions.

When I asked them to go to their HSA website, they all say there is no reference to a 5498 SA in their account information

I went to irs.gov and there is nothing indicating that anything has changed. In fact the 2016 Form and instructions have already been re

leased. Does anyone know what is going on ???

[jklcpa]

The due date to recipients is the end of May to allow for contributions made by 4/15 for the previous tax year.

[Lee B]

If that is the case, why have my clients always had a 5498 SA to give to me in all the previous tax years, well before April 15th.

[Lynn EA USTCP in Louisiana]

Perhaps what they provided was the 1099-SA and the annual account reconciliation.

Lynn

[Lion EA]

I have clients who bring in last year's form.  And, I have some that receive their form for current tax year, but it says it bold red something like, an updated form will be provided by May 31st for any contributions by April 18th for 2015.

[jklcpa]

1 hour ago, cbslee said:

If that is the case, why have my clients always had a 5498 SA to give to me in all the previous tax years, well before April 15th.

It might have to do with the particular custodian's policy of form issuance, certainly not because of a law change, that's for sure.

My own 5498s for the IRAs and HSAs arrive in late May. For the first time ever, I received a 5498 before 1/31 from the new custodian of my HSA with a notation that if add'l contribs were made in 2016 for the 2015 tax year, a corrected form 5498 would be issued.

[Jack from Ohio]

The client should know how much they put into the HSA themselves. 

Amounts contributed by their company and through payroll deduction will show on the W-2. 

The more important document is the 1099-SA.  Can't complete the return correctly without it.

 

[Lee B]

So are you putting people on extension who haven't received their 5498 SAs yet or are filing with alternative support ???

Seriously, this year is the first time my HSA clients didn't have a 5498 SA in hand.

[jklcpa]

15 minutes ago, cbslee said:

filing with alternative support

 

In my 36 yrs in the business, I've almost never had the 5498s when preparing the return and would not put them on extension if the form wasn't available. I use what the client tells me they've contributed. They almost always bring me the statements for documentation, but I do take their word and alternative support for it and have never had a notice.