IRS Tax Form 1099-SA Explained

what is 1099sa

State law is subject to change, for up to date information please consult a tax advisor regarding your state’s rules or visit your state’s Department of Revenue office for more information. Sign in to your account online and click on the Help & Tools menu dropdown and select Forms & Documents. Scroll down to HSA Forms to download the Excess Contribution and Deposit Correction Request Form to request an excess contribution refund or a correction to a contribution.

  • Employer contributions, if any, are noted on Form W-2, box 12.
  • All qualified applicants will receive consideration for employment based on individual qualifications.
  • In the long term, the HSA can grow untaxed, like a 401, until you make withdrawals to pay for your out-of-pocket medical care costs.
  • Canceled debt is income in the eyes of the IRS — and it’s generally taxable.
  • See how we help organizations like yours with a wider range of payroll and HR options than any other provider.

Just answer simple questions, and we’ll guide you through filing your taxes with confidence. Whichever way you choose, get your maximum refund guaranteed. Employee contributions to an HSA or an Archer MSA reduce taxable income. Form 5498-SA summarizes these contributions, but has no direct impact on taxability.

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The financial institution that manages the account is responsible for sending you a copy of Form 1099-SA. If you haven’t received one and believe you should have, contact it. More deductions in TurboTax Self Employed based on the median amount of expenses found by TurboTax Self Employed customers who synced accounts, imported and categorized transactions what is 1099sa compared to manual entry. Box 2 lists the total contributions made to an HSA or Archer MSA for the current year. It should not include rollovers, which are noted in Box 4. Enter rollover contributions to an HSA or Archer MSA in box 4. Form 5498-SA is available to trustees online via the IRS website and can be filed electronically.

How do I get my 1099sa?

For the most recent version, go to IRS.gov/Form1099SA. Online fillable forms. Due to the very low volume of paper Forms 1099-SA and 5498-SA received and processed by the IRS each year, these forms have been converted to an online fillable format.

It does not provide for reimbursement of any taxes, penalties, or interest imposed by taxing authorities and does not include legal representation. Additional terms and restrictions apply; See Guarantees for complete details. If you have a Health Savings Account , you may have questions ttps://turbo-tax.org/ about how they affect your annual tax return. HSAs provide a tax-advantaged financial tool for reducing out-of-pocket healthcare expenses and saving for retirement. However, because the money contributed to your account is pre-tax, it must be accounted for on your tax returns.


While you’re not required to submit any receipts to HSA Bank for your HSA, you absolutely should save any receipts and Explanation of Benefits for IRS-qualified medical expenses for tax purposes. Using our online expense tracker, you can easily enter and track these expenses when you securely upload receipts and supporting documentation. HSA contributions that exceed the IRS annual limit must be removed by the tax filing deadline or you can incur tax penalties and/or IRS fees.

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  • Form 1099-SA is the form your employees will receive annually from the provider administering their Health Savings Account , Medicare Advantage Medical Savings Account , or Archer Medical Savings Account .
  • Approval and loan amount based on expected refund amount, eligibility criteria, and underwriting.
  • The MSA was originally created for self-employed people and employers with fewer than 50 employees, who chose HDHPs.
  • Easily create digital forms, checklists, and reports for your employees to fill out and submit for your review in real-time using Connecteam.
  • For example, a Form 5498-SA filed for 2022 may include contributions made between January 1 and April 15, 2023.

See Indiana University’s Notice of Non-Discrimination here which includes contact information. Below are frequently asked questions regarding the tax forms Bank of America Benefit Solutions sends each year to account holders. The 5498-SA form reports all contributions to your HSA for the prior year, including those contributed between Jan. 1 and the tax filing deadline of the current year. It also reports your HSA balance as of Dec. 31 of the prior year. You’ll get an email once this form is available.

Tax Filing Deadline

Prohibited transaction code – will identify any distributions that were not allowable under regulations or were made in error. Information from Form 1099-SA is reported on either Form 8853 or Form 8889. Employees who participate in an HSA, Archer MSA or MA MSA do not need to file Form 5498-SA with the IRS. That responsibility falls to the account trustees.

what is 1099sa

Most personal state programs available in January; release dates vary by state. Federal pricing will vary based upon individual taxpayer circumstances and is finalized at the time of filing. These next two types of 1099 forms require you to report the income on Schedule C, which is typically subject to self-employment tax, or Schedule E. The first four 1099 form types all have to do with investing, while the bottom two forms cover income derived from rents, royalties, and nonemployee work. There are a few nuances to note there, so we’ve broken them up in two sections to outline what the 1099 is used for.