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Form 1099-SA is used to report distributions from health savings accounts (HSA), Archer medical savings accounts (MSA), or Medicare Advantage MSA.
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How to fill out form 1099-sa
How to fill out Form 1099-SA
01
Obtain the Form 1099-SA from the IRS website or your tax software.
02
Enter the name, address, and Social Security Number (SSN) of the individual receiving the distribution.
03
In Box 1, report the total distributions made from the HSA, Archer MSA, or Medicare Advantage MSA.
04
In Box 2, summarize the amount of the distributions that were for qualified medical expenses.
05
If applicable, complete Box 3 to indicate the type of account (HSA, Archer MSA, or Medicare Advantage MSA).
06
Include your name, address, and Employer Identification Number (EIN) in the designated boxes.
07
Review all information for accuracy before submitting the form to the IRS and providing a copy to the recipient.
Who needs Form 1099-SA?
01
Individuals who have received distributions from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA.
02
Trustees or custodians of HSAs, Archer MSAs, or Medicare Advantage MSAs who are required to report distributions.
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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), or Medicare Advantage MSAs.
Who is required to file Form 1099-SA?
Financial institutions or entities that administer HSAs, Archer MSAs, or Medicare Advantage MSAs are required to file Form 1099-SA for any account holder who received distributions during the tax year.
How to fill out Form 1099-SA?
To fill out Form 1099-SA, the payer must enter the recipient's information, including their name, address, and taxpayer identification number, and report the total distribution amount as well as the account type and reason for the distribution in the specified boxes.
What is the purpose of Form 1099-SA?
The purpose of Form 1099-SA is to inform the IRS and the account holder of the distributions made from HSAs, Archer MSAs, or Medicare Advantage MSAs during the tax year, ensuring proper reporting of taxable income.
What information must be reported on Form 1099-SA?
Form 1099-SA must report the total distribution amount, the type of account (HSA, Archer MSA, or Medicare Advantage MSA), the recipient's information, and the reason for the distribution (such as qualified medical expenses or other).
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