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ID Form 1099-OID: What You Should Know

You must report both of the following types of distributions to your tax return: • distributions made from the health savings account (HSA); and • distributions made by you directly from an HSA (other than an automatic deduction distribution). The form 1099-SA also covers the tax on the excess amount you paid, such as a Roth conversion. You can also use Form 1099-SA to claim a tax credit against your individual income tax liability based upon an employer's adoption of a matching contribution. The cost should be 0.01 or less, depending upon the type of adoption.  The Form 1099-SA can be filed on your behalf by providing your electronic login information. You must report these amounts to the IRS within 15 days of the date you receive them. Report the income, deductions, and credits on the appropriate form. If you paid more than the maximum allowed by law for the taxable year, you may be required to complete an income tax return. We encourage you to get a copy of all payments before you file your return. A maximum of 2,000 may be contributed to anyone HSA account during the tax year. The maximum annual contribution amount is 3,350 if you live in a 50% Federal tax jurisdiction. Other Forms 1099 | Fidelity A Form 1099-OID is for an individual who had a tax return for that year, either a tax return for the preceding year (i.e. Form 1120) or a tax return for the most recent year (i.e. Form 1120-T) and has a claim for exemption for that year. If you have filed a paper Federal tax return for another purpose in the 12 months before the year of receipt of the Form 1099-OID, there is a 30-day period for filing, totaling to 30 days, to claim certain refundable Federal tax credits. File a Form 1099-OID for: • A refund of State income tax. • The refund of any Federal education tax credit for that year (Note: For example, the state income tax you paid on behalf of eligible dependents. • The refund of tuition and fees paid for the 2 school year. The taxpayer must attach an original, signed copy of the tax return to the Form 1099-OID. The taxpayer can only be taxed once on the same source of income.

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