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Line 14a: Enter the total HSA distributions (withdrawals) during the tax year, found on Form 1099-SA. Line 15: Enter the amount of those withdrawals used for qualified medical expenses.
1099-SA (HSA/MSA distribution) 1095-A (insurance marketplace statement) ... You can deduct qualified medical expenses that exceed 7.5% of your adjusted gross income on Schedule A (Form 1040). ...
Pros. Cons. If you change jobs, you can take your account with you. Withdrawals for non-medical and non-qualified medical expenses are subject to a 20% tax penalty.
1099-Q. Payments from qualified education programs (under sections 529 and 530) ... 1099-SA. Distributions from an HSA, Archer MSA or Medicare Advantage MSA ... and expenses. What Is a 1099-LS Form?
Health savings accounts also give the flexibility not available in some traditional health plans to pay on a pretax basis for qualified medical expenses not covered in standard or HSA-eligible insurance plans, which may include dental, orthodontic, vision, and other approved expenses. [44] [45] Health savings accounts also have an advantage ...
If you remove money from your HSA after turning 65 and use it for non-qualified medical expenses, you still have to pay income tax on that amount, but you will not pay the 20% tax penalty. Final Take
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