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How To Report Information From Your 1099 Forms 
 
by kmhagen October 03, 2005

1099-S – Proceeds from Real Estate Transactions

If you received this statement for the sale of your main home, you may be able to exclude the gain and not have to report the transaction on your tax return.  If the real estate transaction was for business property, you may have to file Form 4797.  If it was an installment sale, use Form 6252.  Or you may need to report the transaction on Schedule D.  You may be able to claim an itemized deduction on Schedule A for the buyer’s part of the real estate tax reported in box 5.

1099-SA – Distributions from an HSA, Archer MSA, or Medicare + Choice MSA

Distributions should be reported on Form 8853 for Archer MSAs or Long-Term Care Insurance Contracts, or Form 8889 for Health Savings Accounts.  These distributions may not be taxable if you used them to pay qualified medical expenses. The earnings on excess contributions are included in box 1.  These earnings are includible in your taxable income even if you used the distribution to pay qualified medical expenses.

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