Skip to main content
February 23, 2021
Question

HSA deduction

  • February 23, 2021
  • 1 reply
  • 0 views

It is my understanding I can contribute up to $7,000 into my HSA.

My High Deductible Insurance plan is for family coverage.

The Turbo tax program is only giving me credit for $2,000 and telling me I over contributed and need to take withdrawal of 2,700.

My 1099 SA indicates Gross Distribution = $5,815.78

My W2 box 12C has W code = $6,050.00

Of which my employer paid $1,300 and I contributed $4,750.

Why is program not giving me my max deduction?

 

 

    1 reply

    February 23, 2021

    The contribution limit for family coverage HSA plans is $7,100 for 2020.

     

    You have to go through the HSA contribution section in TurboTax to make sure you haven't contributed too much to your HSA plan by using these menu tabs:

    1. Deductions and credits
    2. Medical
    3. HSA, MSA contributions, prescriptions, medical bills

    If you did not make any contributions outside of what is listed on your W-2 form, you should not enter any additional contributions in TurboTax.

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"