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IS GROSS DISTRIBUTIONS FROM A 1099SA TAXABLE, I HAVE A 1099…

Customer Question
IS GROSS DISTRIBUTIONS FROM...

IS GROSS DISTRIBUTIONS FROM A 1099SA TAXABLE

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I HAVE A 1099 SA WITH SIATRIBUTIONS IN BOX 1 AND HSA CHECKED IN BOX 5

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I HAVE A 1099 R BOX ONE HAS $16392. BUT $15432 WAS CONTRIBUTIONS IN BOX 5.

Submitted: 1 year ago.Category: Tax
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Answered in 13 minutes by:
3/21/2017
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,857
Experience: Taxes, Immigration, Labor Relations
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form 1099SA reports distributions form medical accounts like HSA.

if distribution was used for medical expenses - that is not taxable , but if used for other purposes - it is taxable.

you will need to file form 8889

let me know if you need any help with reporting.

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Tax Professional: Lev, Tax Advisor replied 1 year ago

A health savings account is a tax-exempt trust or custodial account you set up with a qualified HSA trustee to pay or reimburse certain medical expenses you incur. You must be an eligible individual to qualify for an HSA.

You generally will pay medical expenses during the year without being reimbursed by your HDHP until you reach the annual deductible for the plan. When you pay medical expenses during the year that aren’t reimbursed by your HDHP, you can ask the trustee of your HSA to send you a distribution from your HSA.

You can receive tax-free distributions from your HSA to pay or be reimbursed for qualified medical expenses you incur after you establish the HSA. If you receive distributions for other reasons, the amount you withdraw will be subject to income tax and may be subject to an additional 20% tax. You don’t have to make distributions from your HSA each year.

Generally, a distribution is money you get from your HSA. Your total distributions include amounts paid with a debit card that restricts payments to health care and amounts withdrawn from the HSA by other individuals that you have designated. The trustee will report any distribution to you and the IRS on Form 1099-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA.

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