Form 1099-SA is commonly used in certain industries. The document, also known as Distributions From an HSA, Archer MSA, or Medicare Advantage MSA Form, is used to report distributions from one or more of three possible entities. These include:
- An HSA (health savings account)
- An Archer MSA (Archer medical savings account), and/or
- A MA MSA (Medicare advantage medical savings account).
The distribution may have been paid directly to a medical service provider or to the account holder, and a separate return must be filed for each plan type. Put simply, when you use funds from one of these accounts, the institution that administers the account must report all distributions on Form 1099-SA. This means that banks, medical institutions, and insurance companies are the entities that most frequently distribute 1099-SA forms.
If you work as an accountant or in human resources for one of these companies, you’ll need a software solution to handle this form. The 1099-SA is often distributed in bulk to dozens or hundreds of patients at a time, which puts manual entry out of the question. Advanced Micro Solutions has the software tools you need to quickly and efficiently get these forms out the door to those who need them.
Preparing Form 1099-SA
This type of 1099 is remarkably straightforward. This IRS form requires basic personal information, the type of account used, and the gross distribution. Very few calculations must be made, which will come to a relief to preparers.
That said, you’ll need a robust data system in order to find the information necessary to complete 1099-SA. If you don’t have a full record of employee information, most tax and wage filing will prove difficult, but this is especially true for this type of 1099. This is one of the areas in which AMS can help.
It is important to remember that tax forms and codes changes frequently. In the case of the 1099 SA, these changes occur nearly every year. Before sitting down to prepare these forms, you need to check the IRS’s website and identify changes from previous years. This is another place where AMS software tools may come in handy.
Check Out 1099-SA Software from AMS
Our W-2 and 1099 Software provides the foundational support you need for all 1099 filings. The data management capabilities that come standard with AMS software can significantly reduce the time and stress spent on tax and wage form preparation. This is especially important for individuals or entities handling Form 1099-SA, as you are likely dealing with hundreds of versions of the same form at once.
Importantly, our software provides only the most updated versions of every form, including the 1099-SA. When you prepare tax and wage information with AMS, you can rest assured that you are using the most recent iteration of any specific form. Additionally, our W2 and 1099 Software comes standard with a range of essential features, including easy data entry and manipulation, printing, data reporting, and easy network installation.
If you’re interested to see how this tool can impact your 1099-SA process, we recommend downloading the free demo version of our software. To learn more, reach out to our Sales and Information team at 800-536-1099.