Get the free Form 1099-SA

This form is used to report distributions from a health savings account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage (MA) MSA. It includes details like gross distribution, earnings

How to fill out form 1099-sa

How to fill out Form 1099-SA

1. Obtain Form 1099-SA from the IRS website or your financial institution.
2. Fill in the payer's information, including name, address, and TIN (Tax Identification Number).
3. Enter the recipient's information, including name, address, and TIN.
4. Specify the amount distributed in the appropriate box (Box 1 for total distributions).
5. If applicable, complete Box 2 for the amount of unreimbursed qualified medical expenses.
6. Indicate any contributions to health savings accounts (if applicable) in Box 3.
7. Check the appropriate box regarding whether the distribution was made for a qualified medical expense.
8. Review all information for accuracy.
9. Send Copy B of the form to the recipient by January 31.
10. File Copy A with the IRS by the deadline, typically by February 28 if paper filing or March 31 if e-filing.

Who needs Form 1099-SA?

1. Individuals who received distributions from a Health Savings Account (HSA) or a Medical Savings Account (MSA).
2. Payers who made distributions from these accounts, such as banks, credit unions, and other financial organizations.
3. Taxpayers who had distributions that are required to be reported for tax purposes.

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?

Trustees or custodians of HSAs, Archer MSAs, and Medicare Advantage MSAs are required to file Form 1099-SA for any distributions made to account holders during the tax year.

How to fill out Form 1099-SA?

To fill out Form 1099-SA, provide the account holder's name, address, and taxpayer identification number, report the total distribution amount in Box 1, and indicate the type of account in Box 2.

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 and other specified accounts, ensuring transparency and compliance with tax reporting requirements.

What information must be reported on Form 1099-SA?

Form 1099-SA must report the account holder's name, address, taxpayer identification number, total distributions in Box 1, the type of account in Box 2, and any applicable distribution codes in Box 3.