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Message
Tax experts: 1099-SA question
Posted on 2/17/15 at 7:02 pm
Posted on 2/17/15 at 7:02 pm
Pretty sure I know the answer just need verification. If I have a HSA I get a 1099-SA for the money I used out of the account. If 100% of that went towards qualified medical expenses then I wouldn't have to put that anywhere on form 1040? Is this correct?
2
Posted on 2/17/15 at 7:12 pm to LSUEEAlum
I don't know if you are required, but why wouldn't you?
Posted on 2/17/15 at 7:20 pm to LSUEEAlum
You have to complete Form 8889 stating that it was all for qualified medical expenses.
ETA: If you don't, the IRS assumes it was all non-medical and sends you a bill for the taxes and penalties.
ETA: If you don't, the IRS assumes it was all non-medical and sends you a bill for the taxes and penalties.
This post was edited on 2/17/15 at 7:22 pm
Posted on 2/17/15 at 7:21 pm to Brummy
Correct. But if all the money used from my HSA was for qualified medical expenses then nothing should go on 1040, right?
Posted on 2/17/15 at 7:22 pm to LSUEEAlum
No, doesn't go on the 1040 itself.
Posted on 2/17/15 at 7:23 pm to Brummy
Cool. Thanks!
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