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Instructions for IRS Form 1099-SA, 5498-SA
for the current year.
Instructions for IRS Form 1099-SA, 5498-SA Distributions From an Hsa, Archer Msa, or Medicare Advantage Msa, and Hsa, Archer Msa, or Medicare Advantage Msa Information
This document contains official instructions for IRS Form 1099-SA , and IRS Form 5498-SA . Both forms are released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 1099-SA is available for download through this link. The latest available IRS Form 5498-SA can be downloaded through this link.
FAQ
Q: What is IRS Form 1099-SA?
A: IRS Form 1099-SA is used to report distributions from Health Savings Accounts (HSA), Archer Medical Savings Accounts (MSA), or Medicare Advantage MSAs.
Q: What is IRS Form 5498-SA?
A: IRS Form 5498-SA is used to report contributions, rollovers, and fair market value information for HSA, Archer MSA, or Medicare Advantage MSAs.
Q: What are HSA, Archer MSA, and Medicare Advantage MSAs?
A: HSA stands for Health Savings Account, Archer MSA stands for Archer Medical Savings Account, and Medicare Advantage MSA stands for Medicare Advantage Medical Savings Account. These are different types of accounts for healthcare expenses.
Q: Who needs to file Form 1099-SA?
A: The entity responsible for making distributions from HSA, Archer MSA, or Medicare Advantage MSAs needs to file Form 1099-SA.
Q: Who needs to file Form 5498-SA?
A: The trustee or custodian of an HSA, Archer MSA, or Medicare Advantage MSA needs to file Form 5498-SA.
Q: What information is reported on Form 1099-SA?
A: Form 1099-SA reports the amount of distributions made from HSA, Archer MSA, or Medicare Advantage MSAs.
Q: What information is reported on Form 5498-SA?
A: Form 5498-SA reports contributions, rollovers, and fair market value information for HSA, Archer MSA, or Medicare Advantage MSAs.
Q: When are Forms 1099-SA and 5498-SA due?
A: Forms 1099-SA and 5498-SA are generally due by the end of February each year. However, specific due dates may vary, so it's important to check the IRS guidelines.
Q: What happens if I don't file Forms 1099-SA and 5498-SA on time?
A: Failure to file Forms 1099-SA and 5498-SA on time may result in penalties from the IRS.
Instruction Details:
- This 3-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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