Get the free Form 1099-SA - irs ustreas

This IRS form is used to report distributions from Health Savings Accounts (HSA), Archer Medical Savings Accounts (MSA), or Medicare Advantage MSAs to the Internal Revenue Service and recipients.

How to fill out form 1099-sa - irs

How to fill out Form 1099-SA

1. Obtain Form 1099-SA from the IRS website or your financial institution.
2. Fill in your name, address, and Social Security number in the designated fields.
3. Enter the payer's name, address, and TIN (Tax Identification Number) in the appropriate section.
4. Indicate the total amount distributed from the HSA, Archer MSA, or Medicare Advantage MSA in Box 1.
5. Mark the appropriate check boxes to indicate whether the distribution was for qualified medical expenses or not.
6. Complete the rest of the form if applicable, such as amounts in Box 2 for the total contributions made during the year.
7. Review the information for accuracy before submitting.
8. Send Copy B of the form to the recipient by January 31 of the following year.
9. File Copy A with the IRS by the deadline, usually by the end of February if filing by paper or the end of March if filing electronically.

Who needs Form 1099-SA?

1. Individuals who received distributions from Health Savings Accounts (HSAs).
2. Individuals who received distributions from Archer Medical Savings Accounts (MSAs).
3. Individuals who received distributions from Medicare Advantage MSAs.

People Also Ask about

Do I need to report form 5498-SA on my tax return?

The trustee of your HSA, Archer MSA, or MA MSA may provide other information about your account on this form. Note: Don't attach Form 5498-SA to your income tax return. Instead, keep it for your records.

How do I report 5498-SA on my taxes?

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.

Do I need to enter 5498-SA in TurboTax?

You don't 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, you'll find the info needed for your return on other paperwork, such as a year-end summary statement or a Form 1099-R.

Do I need to report form 5498 on my tax return IRS?

No. You aren't required to do anything with Form 5498 because it's for informational purposes only.

Why didn't I get a 1099-SA for my HSA?

The only scenarios I can think of where a 1099-SA wouldn't be issued is either: (1) the HSA had zero balance during all of 2021 and you didn't actually withdraw anything, or (2) you did a trustee-to-trustee transfer to another HSA provider, which isn't reportable.

What is the 1099-SA form for?

A 1099-SA is a U.S. tax form that reports distributions made from a health savings account (HSA), Archer medical savings account (Archer MSA), or Medicare Advantage medical savings account (MA MSA). Its purpose is to show you (and the Internal Revenue Service) how much money you spent from your account.

Can I download my 1099-SA online?

The 1099-SA form will be available mid-to-late January in your online account if you had distributions in the prior year. If you chose to get paper documents, you'll get your 1099-SA in the mail in late January/early February.

What happens if I don't report my HSA on taxes?

What happens if you don't report your HSA on taxes? You may owe penalties and interest for not reporting withdrawals of contributions on your tax return. For 2024, the interest rate for not paying taxes is 8%.

For pdfFiller’s FAQs

What is Form 1099-SA?

Form 1099-SA is a tax form used to report distributions from Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs.

Who is required to file Form 1099-SA?

Form 1099-SA must be filed by the trustee or custodian of the HSA, MSA, or Medicare Advantage MSA who makes distributions to the account holder.

How to fill out Form 1099-SA?

To fill out Form 1099-SA, you need to provide information such as the recipient's name, address, taxpayer identification number, the account number, and the total amount of distributions made during the tax year.

What is the purpose of Form 1099-SA?

The purpose of Form 1099-SA is to report distributions made from Health Savings Accounts and other specialized accounts, which helps the IRS track the use of tax-advantaged funds.

What information must be reported on Form 1099-SA?

Form 1099-SA must report the total distributions for the year, as well as the distribution codes that indicate the reason for the distribution, and the recipient's details.