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This form is used to report distributions from Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), or Medicare Advantage MSAs along with any associated earnings.
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How to fill out form 1099-sa
How to fill out Form 1099-SA
01
Obtain Form 1099-SA from the IRS or your financial institution.
02
Fill in your name, address, and taxpayer identification number (TIN) in the appropriate boxes.
03
Enter the recipient's name, address, and TIN in the 'Payer' section.
04
Provide the total distribution amount in Box 1.
05
Indicate whether the distribution is for a qualified medical expense or not in Box 2.
06
Complete Box 3 if the funds were used for a Health Savings Account (HSA) or Archer Medical Savings Account (MSA).
07
Review the form for accuracy before submitting.
08
Send Copy B to the recipient by January 31 of the following year.
09
Submit Copy A to the IRS along with Form 1096 by the appropriate deadline.
Who needs Form 1099-SA?
01
Anyone who has received distributions from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage Medical Savings Account (MA MSAs) needs Form 1099-SA.
02
Financial institutions that administer these accounts are also required to issue the form.
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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%.
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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 other entities that make distributions from HSAs, MSAs, or Medicare Advantage MSAs are required to file Form 1099-SA.
How to fill out Form 1099-SA?
To fill out Form 1099-SA, report the total distributions made to the account holder in box 1, indicate the type of account in box 2, and provide the account holder's name and taxpayer identification number.
What is the purpose of Form 1099-SA?
The purpose of Form 1099-SA is to inform the IRS and account holders about distributions made from HSAs, MSAs, or Medicare Advantage MSAs for tax reporting purposes.
What information must be reported on Form 1099-SA?
Form 1099-SA must report the total amount of distributions, the type of account, the account holder's information, and any relevant details about the distributions for tax compliance.
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