Irs

What Is Form 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA? Form 1099-SA: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA is an Internal Revenue Service (IRS) form that reports distributions made from various health accounts. These include distributions from a health savings account (HSA) , an Archer medical savings account (MSA) , or a Medicare Advantage (MA) MSA. It also provides reporting information on the inheritance of accounts by spouses, non-spouses, and estates. Amounts shown on Form 1099-SA must be reported on the taxpayer's federal income tax form. Key Takeaways Form 1099-SA form is sent to individual taxpayers who receive distributions from health savings, medical savings, and Medicare Advantage accounts. Information from Form 1099-SA is reported on either Form 8853 or Form 8889. Unused distributions from an HSA must be reported as income. You can repay a mistaken distribution from a health savings … [Read more...] about IRS Form 1099-SA: What It Is, Who Has to File and How

What Is Form W-2G: Certain Gambling Winnings? Form W-2G is an Internal Revenue Service document that a casino or other gambling establishment sends to customers who had winnings during the prior year that must be reported as income to the Internal Revenue Service (IRS). Its full title is Form W-2G, Certain Gambling Winnings. The form contains information that the taxpayer needs to file taxes for the year. It includes the total amount of winnings, the date or dates they were won, the type of wager, and how much federal and state income tax has already been withheld. All gambling winnings are taxable but only some gambling winnings are recorded with a Form W-2G. Key Takeaways The IRS requires U.S. citizens to report all gambling winnings as income, whether or not they receive a W2-G. Winnings from gambling, lotteries, and contests all must be reported as "Other Income" on Form 1040. Cash and the cash value of prizes are taxable. State and local taxes may be due on … [Read more...] about Form W-2G: Certain Gambling Winnings, Guide, and Filing How-to’s