Form 1099-SA

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What is Form 1099-SA? 

Form 1099-SA is a document from the Internal Revenue Service (IRS). It is also known as “Distributions From an HSA, Archer MSA, or Medicare Advantage MSA.” Form 1099-SA is used to report distributions made from the following:

You receive a Form 1099-SA if you need to report distributions from the abovementioned accounts on your federal taxes. For example, if you fall ill and need to get medical treatment, you can use the funds from your HSA or MSA to pay for your medical bills. Your HSA provider will have to send you a Form 1099-SA indicating the details of your expenses so you can report the information when you file your income tax return. 

Form 1099-SA is important because it can help you save on your tax liability. If the funds from your HSA or Archer MSA were used for qualified medical expenses of the account holder or eligible dependent or if they were rolled over, those distributions are tax-free. However, remember that, for MA MSAs, the distributions can only be tax-free if they were used to pay for only the account holder’s medical expenses. 

The funds from an HSA or MSA should only be for medical expenses. If they are used for non-medical purposes, they will not be deemed eligible to be tax-free. The distributions will be taxed at a rate of 20%.

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