1099-SA - is this taxable income?

I received a 1099-SA with dollars specified surrounded by box 1 (gross distribution) Does that get programmed on my taxes (Federal or state of MN) as income? As far as I know, the only income that we distributed be to paid directly to doctors & pharmacies.

Answers:    You hold to report it but it's usually not taxable if the entire distribution was used for qualified medical expenses and within were no excess contributions during the year. If this be an HSA it gets reported on form 8889.
The amount surrounded by box 5 is potentially taxable, but only if your other income is soaring enough (or if you folder MFS). Yes you do. Theres a for m that you fill out. What happen is that all of these forms that you recieve a copy of get sent in to the establishment too. When they see that you didn't fill out a form 5498 for this 1099-SA consequently they will contact you trying to find out why not. Information on the form and the 1099-SA itself can be found at http://www.irs.gov/instructions/i1099sa/...

The entirety of this site is protected by copyright © 2008-2009. All rights reserved. RunEye.com