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Closed my HSA

Forum|Forum|4 years ago
March 12, 2022
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I Closed my HSA because as I was preparing my 2020 taxes. I realized I did not qualify for the deduction. Even though I was covered under a High deductible Insurance plan from work. I was also covered under my wife's traditional health insurance plan.

The amount in the HSA was $450.00. I closed the account and received the check. How do i enter this transaction in turbo tax? Did not receive a 1099-SA

Best answer by JohnB5677

You will post the W-2 to your tax return just as it is. The $450 will be credited to the HSA. You should go through the HSA interview to be sure it is posted.

You should get a 1099-SA this year for the distribution. If you have not, you should reach out to the administrator.

This will be posted under:

Wages & Income
Less Common Income
Select 1099-SA
Select the type of plan
Continue through the interview
When you get to Did you spend your HSA money on medical expenses only? Say Yes.

H

HelenC12

Please clarify. Are you saying you opened an HSA in 2020 and closed it in 2020 because you thought you didn't qualify for an HSA?

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M

monster50Author

I opened the account in January 2020. Closed the account in March of 2021. My 2021 W-2 shows in box 12d 450.00 with a "W". I am assuming this is still from my HSA and if so, how do I claim on this year's tax?

JohnB5677Answer

You will post the W-2 to your tax return just as it is. The $450 will be credited to the HSA. You should go through the HSA interview to be sure it is posted.

You should get a 1099-SA this year for the distribution. If you have not, you should reach out to the administrator.

This will be posted under: