New Mexico Form Instruction 1099-R & 5498 2024-2025

New Mexico Form Instruction 1099-R & 5498: What You Should Know

E, during the tax year but outside the calendar year). Mar 10, 2025 — Form 5498, Statement of Receipt for Unrelated Business Income, for 2025 is due for tax filing. IRS Forms 1099-R2022 and 5498 for 2025 are also due. You should report all of these as tax forms beginning in 2022, although you can file as early as January 2025 or as late as Jan. 3, 2023. You may choose to pay the additional 10% penalty on the first 100,000 that you pay with an HSA. Furthermore, you may also choose to take advantage of a special section of federal law:  IRS Code section 72(t) If you meet the requirements of section 72(t), you may be allowed to avoid a 10% tax by providing only the HSA money (but not the health care costs or any of the medical care provided by any health plans you pay for) to your qualified health plan for eligible purposes. Only 100,000 (of the total amount that you paid out of your HSA) may be used for purposes of this special section.  See IRS Code section 72’t) for more information. Learn more about the special section of federal law in the links below. This does not exempt you from the 10% tax; just makes it worth more to you to pay the health care costs covered by your HEALTH HSA. This is a special exception to the 10% tax on medical expenses. However, if you use the same medical expenses that you would pay a regular deductible health plan (including an HSA) for each beneficiary (or 500, whichever is less), you can still pay only the regular deductible, not the 10% tax. If you use less than 500 in medical expenses for each beneficiary, the excess over 500 will be considered “medical expenses” for purposes of the 10% tax. You will have to report the excess as other income on your tax return. See medical expenses for more information. See the link below for more information. You may pay the full tax amount in one payment, one time only. But you cannot file and pay off one Form 1099-R and one Form 1099-R2022 at the same time.

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