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C
Chris-C-
May 19, 2020
Solved

When I fill in the HSA account value, should it be the balance of HSA cash account only or the total balance of cash account and the Investment Fair Market Value?

  • May 19, 2020
  • 2 replies
  • 0 views

TurboTax requested to fill out the HSA account value under the Federal Taxes/ Deductions & Credits section.

Best answer by AnnetteB6

Correct.  You would count the balance of the cash account and the value of the investments.  

 

@Chris-C-

2 replies

Critter
Critter
Employee
May 19, 2020

Where are you seeing that question ?   That question is usually for an IRA  not an HSA.  

C
Chris-C-Author
May 24, 2020

The question is under the Federal Taxes/ Deductions & credits section.

B
BillM223
May 19, 2020

Please enter the total cash value of the HSA. This means convert any investments into their current cash value.

 

This question is asked when the taxpayer has an excess HSA contribution that is carried over to the next year. The penalty is 6% of the amount of the excess carried over or the value of the HSA, whichever is less.

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    C
    Chris-C-Author
    May 24, 2020

    Hi Mr. Bill,

    So that means the total balance of cash account & the Investment Fair Market Value showed on the statement, correct? 

    A
    AnnetteB6Answer
    June 1, 2020

    Correct.  You would count the balance of the cash account and the value of the investments.  

     

    @Chris-C-

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