Get the free Form 1099-SA - irs

This form reports distributions from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA. It includes details such as gross distribution, earnings on excess

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. Enter the recipient's name and address in the designated fields.
3. Provide the recipient's taxpayer identification number (TIN), usually their Social Security number.
4. In Box 1, report the total distributions made from the Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA during the tax year.
5. If applicable, complete Box 2 to report any earnings on the accounts if the distributions include earnings.
6. Check the appropriate box in Box 3 to indicate the type of account (HSA, Archer MSA, or Medicare Advantage MSA).
7. Fill out any other pertinent boxes as needed (e.g., Box 5 for the fair market value of the account).
8. Double-check all information for accuracy.
9. File the completed Form 1099-SA with the IRS by the deadline, and send a copy to the recipient.

Who needs Form 1099-SA?

1. Individuals who receive distributions from Health Savings Accounts (HSAs).
2. Recipients of distributions from Archer Medical Savings Accounts (MSAs).
3. Individuals who receive 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?

Financial institutions or custodians that make distributions from these accounts are required to file Form 1099-SA.

How to fill out Form 1099-SA?

To fill out Form 1099-SA, you need to provide the account holder's information, the amounts distributed, and any applicable codes that indicate the reason for the distributions.

What is the purpose of Form 1099-SA?

The purpose of Form 1099-SA is to report distributions made from HSA, MSA, or Medicare Advantage accounts to the IRS and the account holder, ensuring proper tax reporting.

What information must be reported on Form 1099-SA?

Form 1099-SA must report the account holder's identification information, the total distributions for the year, and any applicable distribution codes that explain the nature of the distributions.