What does Form 1099-SA report?

Form 1099-SA is specifically designed to report distributions from Health Savings Accounts (HSAs), Archer Medical Savings Accounts (MSAs), and Medicare Advantage MSAs. This form is crucial for individuals who have accessed funds from these accounts, as it provides important information necessary for accurately reporting their income and understanding any tax implications related to those distributions.

When individuals withdraw money from their HSA or MSA, they are required to report these distributions on their tax return. The information provided on Form 1099-SA helps taxpayers track their withdrawals and determine whether those distributions are tax-free or subject to additional taxes, depending on how the funds were used. Using this form, taxpayers can also confirm that they have met eligibility requirements for tax-free withdrawals, such as using the funds for qualified medical expenses.

Each of the other options listed, such as income from self-employment, income tax refunds, or capital gains distributions, is reported on different forms, making them unrelated to Form 1099-SA.

Therefore, the identification of Form 1099-SA as a report for health savings account distributions is accurate, reflecting its specific purpose in tax reporting related to health accounts.