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Level 1
March 4, 2026
Question

hOW DO i ENTER THE FAIR MARKET VALUE OF AN HSA (BOX 5 OF FORM 5498

  • March 4, 2026
  • 2 replies
  • 7 views
DOES THE TAXPAYER HAVE TO ENTER THE FAIR MARKET VALUE OF AN HSA?

    2 replies

    kobe22
    Level 5
    March 4, 2026

    No

    qbteachmt
    Level 15
    March 4, 2026

    Form 5498 is your Taxpayer's reference form to confirm their deposited amount for the year, as due diligence that it did not exceed their eligible limit. It is for money In.

    Form 1099-SA is issued to your Taxpayer for money Out. It is used to confirm more money did not come out than they had as qualified expenses. If they took more than needed for medical costs, that is reported as taxable.

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