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A Medical Savings Account (MSA) or Health Savings Account (HSA) is a tax-exempt trust or custodial account, established by you and your employer, to pay for your qualified medical expenses. Distributions are reported on Form 1099-SA.
Here's how to enter MSA, HSA, and 1099-SA information in TurboTax:
- Select the Federal Taxes tab (the Personal tab in the Home & Business edition).
- Select the Wages & Income subtab, click on I'll choose what I work on.
- Scroll down the Wages & Income screen until you see the Less Common Income group.
- Click on the Start/Update button to the right of the 1099-SA, HSA, MSA category.
- Follow the prompts.
Click here for more information about form 1099-SA
I hope this information has been helpful.
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