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1099-sa payer name Form: What You Should Know
If your account is an HSA, see Form 1099-SA Distributions from an HSA. If you are receiving distributions on Form 1099-SA but will not have to make any payments (such as because you cannot pay the taxes), do not pay any taxes on the funds. However, you must report and pay the 1099-SA with your other tax returns. Do not put any amounts of your HSA in any other account such as an IRA account. If you pay a health savings account or IRA custodian with money that is part of an HSA, the provider does not have to include the payments as income on your return. If you report these amounts on Form 1040, Schedule A, Form 1099-MISC, or Form 1099-NR, do not include the amounts in box 2 “Income from HSA.” If you are distributing to pay medical expenses, see Distributions Made on HSA or IRA for more information. Form 1099-MISC — TurboT ax 2016 Form 1099-MISC is a new tax code for a limited time only. This new 1099-MISC was created to provide employers (including self-employed individuals and certain partnerships and S corporations) with a better reporting method with respect to certain types of transactions that may result in payments from HSA(HSA) or retirement savings plan(RSP) accounts, including when a participant (the annuitant) withdraws money (in cash or by an electronic transfer, or otherwise) from an employer-sponsored HSA or RSP for the sole purpose of paying qualified medical expenses. This new form uses the new tax code to report such payments to employees at the beginning of the tax year in which they are made (rather than at the beginning of the tax year in which the annuitant received the payment). There are certain additional rules when using the new form. Employers and joint filers will continue to use Form 1099-MISC to report payments to employees when such payments are attributable to the annuitant's gross (or modified gross, if married filing separately) wages for any year of work performed in the United States, and the payments are not attributable to any trade or business done by the annuitant while the employee was with the employer.
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