Understanding the difference between IRS 1099-A and IRS 1099-H

Last updated on Dec 8, 2025

What is IRS 1099-A?

The IRS 1099-A form, titled "Acquisition or Abandonment of Secured Property," is used to report the acquisition or abandonment of secured property in various financial transactions, including foreclosure.

This form serves a vital role in ensuring that taxpayers report any canceled debt related to the transfer, which can affect their tax liabilities.

1.

You may need IRS 1099-A if:
2.

You have been involved in foreclosure proceedings.
3.

You have acquired property through repossession.
4.

You abandoned property back to a lender.

Who needs to complete a IRS 1099-A?

This form is typically required by lenders and financial institutions involved in the transfer of property.

1.

Typically required for:
2.

Mortgage lenders who have transferred ownership of a secured property.
3.

Financial institutions that have acquired abandoned property.
4.

Businesses that engage in secured property transactions.
5.

Government agencies involved in repossession cases.

When is IRS 1099-A due?

The IRS requires that the 1099-A form be filed by January 31 following the tax year in which the transaction occurred. This deadline helps ensure accurate and timely reporting of any changes in property ownership.

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What is IRS 1099-H?

The IRS 1099-H form, known as "Health Coverage Tax Credit (HCTC) Advance Payment," is utilized to report advance payments made towards the Health Coverage Tax Credit.

This form is particularly relevant for individuals eligible for a tax credit due to receiving qualified health insurance coverage for themselves or their families.

1.

You may need IRS 1099-H if:
2.

You received advance payments for health insurance through the HCTC program.
3.

You are eligible for the HCTC as a displaced worker.
4.

You are a recipient of pension benefits from the Pension Benefit Guaranty Corporation (PBGC).

Who needs to complete a IRS 1099-H?

The issuance of Form 1099-H is primarily required from entities that fund or subsidize HCTC payments to qualified individuals.

1.

Typically required for:
2.

Health insurance companies offering coverage eligible for HCTC.
3.

Employers providing health insurance to eligible retirees.
4.

Government agencies administering HCTC programs.
5.

Financial institutions involved in HCTC funding.

When is IRS 1099-H due?

Form 1099-H must be filed by January 31 of the year following the tax year in which the qualified health coverage was provided. This ensures recipients can promptly report their HCTC on their tax returns.

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Key differences between IRS 1099-A and IRS 1099-H

While both IRS 1099 forms are important for tax reporting, they cater to different situations and users. IRS 1099-A pertains to property transactions, while IRS 1099-H focuses on health insurance tax credits.

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Main differences include:
2.

IRS 1099-A relates to property acquisition or abandonment, whereas IRS 1099-H deals with health coverage tax credits.
3.

IRS 1099-A is usually required from lenders, while IRS 1099-H generally comes from health coverage providers or government agencies.
4.

Filing IRS 1099-A signals changes in property ownership, while IRS 1099-H indicates advance payments for health insurance.
5.

IRS 1099-A impacts taxpayers who face foreclosure or abandonment issues, while IRS 1099-H benefits those seeking tax credits due to health insurance costs.

Understanding potential penalties

Tax penalties can arise from incorrect or late filing of tax forms. These fines can vary depending on the nature and severity of the filing discrepancy, making it critical to understand the consequences associated with each form.

Late or incorrect filings of Form 1099-A can result in substantial fines. The penalties can include:

1.

Up to $50 per form for late filings if filed within 30 days of the due date.
2.

Increased penalties of $100 per form for filings more than 30 days late.
3.

Higher penalties apply for intentional disregard of filing requirements, potentially up to $550 per form.
4.

Additional scrutiny from the IRS, which could lead to audits and further complications.

Similar to Form 1099-A, failing to file IRS 1099-H on time or inaccurately can also lead to penalties, including:

1.

Fines of $50 per form if filed late but within a 30-day window.
2.

$100 penalty if filed more than 30 days late.
3.

Higher penalties for intentionally ignoring the filing obligations, similar to those for 1099-A.
4.

Potential audits and scrutiny from the IRS, affecting the overall financial standing of the entity involved.

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Author:

by Iryna Marchuk

Lead Writer/Blogs Manager at airSlate

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