Copy C Trustee/Payer To complete Form 1099-SA use Returns and The 2018 Instructions for Forms 1099-SA and 5498-SA. Box 4. If the account holder died shows the FMV of the account on the date of death. Box 5. Shows the type of account that is reported on this Form 1099-SA. 1220. Need help If you have questions about reporting on Form 1099-SA call the information reporting customer service site toll free at 866-455-7438 or 304-263-8700 not toll free. Any earnings on the account after the date of...death box 1 minus box 4 of Form 1099-SA are taxable. Include the earnings on the Other income line of your tax return. assigned to distinguish your account. VOID CORRECTED TRUSTEE S/PAYER S name street address city or town state or province country ZIP or foreign postal code and telephone number OMB No. 1545-1517 Form 1099-SA Distributions From an HSA Archer MSA or Medicare Advantage MSA RECIPIENT S TIN RECIPIENT S name 1 Gross distribution 2 Earnings on excess cont. PAYER S TIN 4 FMV on date of...death Street address including apt. no. City or town state or province country and ZIP or foreign postal code Account number see instructions 5 HSA Archer MA Copy A For Internal Revenue Service Center File with Form 1096. For Privacy Act and Paperwork Reduction Act Notice see the 2018 General Instructions for Certain Information Returns. 1099-SA Cat. No. 38471D www.irs.gov/Form1099SA Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page Do Not Cut or...Separate Forms on This Page CORRECTED if checked Copy B Recipient This information is being furnished to the IRS. keep for your records account MSA or Medicare Advantage MA MSA are reported to you on distribution from these accounts even if the distribution isn t taxable. PAYER S TIN 4 FMV on date of death Street address including apt* no* City or town state or province country and ZIP or foreign postal code Account number see instructions 5 HSA Archer MA Copy A For Internal Revenue Service...Center File with Form 1096. For Privacy Act and Paperwork Reduction Act Notice see the 2018 General Instructions for Certain Information Returns. 1099-SA Cat* No* 38471D www*irs*gov/Form1099SA Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page Do Not Cut or Separate Forms on This Page CORRECTED if checked Copy B Recipient This information is being furnished to the IRS* keep for your records account MSA or Medicare Advantage MA MSA are reported to you...on distribution from these accounts even if the distribution isn t taxable. The payer isn t required to compute the taxable amount of any distribution* An HSA or Archer MSA distribution isn t taxable if you used it to pay qualified medical expenses of the account holder or eligible family member or you rolled it over. An HSA may be rolled over to another HSA an Archer MSA may be rolled over to another Archer MSA or an HSA. An MA MSA isn t taxable if you used it to pay qualified medical or Archer...MSA you didn t roll it over you must include the distribution in your income see Form 8853 or Form 8889.
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Instructions and Help about IRS 1099-SA
How to edit IRS 1099-SA
How to fill out IRS 1099-SA
Instructions and Help about IRS 1099-SA
How to edit IRS 1099-SA
To edit IRS 1099-SA, ensure you have the correct form downloaded from the IRS website. Use a PDF editing tool, like pdfFiller, to make necessary corrections. Review the form for accuracy, particularly the payer’s information and amounts, before saving your changes.
How to fill out IRS 1099-SA
To fill out IRS 1099-SA, gather all pertinent information about the distributions made from a Health Savings Account (HSA), Archer Medical Savings Account (MSA), or Medicare Advantage MSA. Fill in the payer information in the top section, followed by the recipient's details and distribution amounts. Ensure to check the corresponding boxes for any applicable status or exceptions before submitting the form.
Latest updates to IRS 1099-SA
Latest updates to IRS 1099-SA
The IRS updates tax forms annually, and the IRS 1099-SA is no exception. Key changes may include updates in reporting thresholds, instructions for specific line items, and benefits applicable under current tax laws. Always check the IRS website for the most up-to-date form and instructions before filing.
All You Need to Know About IRS 1099-SA
What is IRS 1099-SA?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What payments and purchases are reported?
How many copies of the form should I complete?
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
All You Need to Know About IRS 1099-SA
What is IRS 1099-SA?
IRS 1099-SA is a tax form used to report distributions from Health Savings Accounts (HSAs), Archer MSAs, and Medicare Advantage MSAs. This form provides the Internal Revenue Service (IRS) with information on the amount distributed to the account holder throughout the tax year.
What is the purpose of this form?
The purpose of IRS 1099-SA is to facilitate the reporting of withdrawals from certain tax-advantaged health accounts to ensure compliance with tax regulations. When an individual receives funds from an HSA or similar account, this form tracks those withdrawals, which may affect the individual’s tax responsibilities.
Who needs the form?
Individuals who received distributions from a Health Savings Account, Archer Medical Savings Account, or Medicare Advantage MSA during the tax year must receive IRS 1099-SA. Additionally, financial institutions managing these accounts are responsible for issuing this form to account holders.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 1099-SA if you did not receive any distributions from your HSA, Archer MSA, or Medicare Advantage MSA during the tax year. Alternatively, if the distributions were utilized for qualified medical expenses, you generally do not have to report them but should retain documentation for your records.
Components of the form
IRS 1099-SA consists of several sections, including the payer's details, recipient's information, distribution amounts, and the type of account the distribution is tied to. The form has specific boxes to indicate if the distribution was for qualified medical expenses, which can affect the tax liability of the recipient.
Due date
IRS 1099-SA must be issued to the recipient and filed with the IRS by January 31 of the year following the tax year of the disbursement. This ensures that recipients can accurately report their income and any tax owed from the previous year.
What payments and purchases are reported?
Payments reported on IRS 1099-SA include distributions made from HSAs, Archer MSAs, and Medicare Advantage MSAs. These distributions are intended for qualified medical expenses and are necessary for the IRS to determine the recipient’s tax implications associated with these accounts.
How many copies of the form should I complete?
You need to complete three copies of IRS 1099-SA: one for the recipient, one for the IRS, and one for your records. Ensure that each copy is filled out accurately to avoid issues during filing. The IRS mandates that all copies maintain identical information.
What are the penalties for not issuing the form?
Failure to issue IRS 1099-SA can result in penalties from the IRS. The penalties can vary depending on the delay and the number of forms not filed. Penalties for late or incorrect filing can be significant, making compliance crucial for both issuers and recipients.
What information do you need when you file the form?
When filing IRS 1099-SA, you will need the payer's name, address, and taxpayer identification number (TIN), along with the recipient's name, address, and TIN. Additionally, accurate amounts of distributions and details regarding the type of account are essential for proper filing.
Is the form accompanied by other forms?
IRS 1099-SA is often accompanied by supporting forms such as IRS Form 8889 if the individual has an HSA. Form 8889 is used to report additional information regarding contributions and qualified medical expenses related to the account, ensuring all relevant tax implications are reported correctly.
Where do I send the form?
IRS 1099-SA forms must be sent to the IRS according to the filing instructions provided for the form. Typically, they are submitted based on the payer’s address and could vary in terms of local IRS office. Always refer to the latest IRS guidelines to confirm the correct submission address.
FAQ about IRS 1099-SA
What should I do if I need to correct an error on my IRS 1099-SA?
If you need to correct an error on your IRS 1099-SA, you should file a corrected form. You can do this by marking the 'Corrected' box on the new form and providing the accurate information. Remember to keep a copy of both the original and corrected forms for your records.
How can I verify the status of my IRS 1099-SA filing?
You can verify the status of your IRS 1099-SA filing by checking the IRS's online tools or by contacting the relevant service provider if you e-filed. Common e-file rejection codes can help you understand why a submission may have been denied, allowing you to take appropriate action to resolve any issues.
What is the recommended record retention period for IRS 1099-SA forms?
The IRS recommends that you retain copies of your IRS 1099-SA and related documents for at least three years from the date you filed your return. This ensures you have the necessary documentation in the event of an audit or if you need to reference your filings later.
What should I do if I receive an IRS notice regarding my 1099-SA?
If you receive an IRS notice related to your 1099-SA, it's important to respond promptly. Review the notice carefully, gather any required documentation, and address the issue as instructed. Ignoring the notice may lead to further complications or penalties.
Are there any service fees associated with e-filing IRS 1099-SA?
Yes, some e-filing services may charge a fee for submitting an IRS 1099-SA electronically. It's advisable to inquire about any costs before choosing a service to ensure you’re aware of the total expenses related to electronic submission.
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