Question

When I input that I had a self only High Ded Health Plan along with my Hearth Savings account in Deductions it drops my refund?

Forum|Forum|6 years ago
April 16, 2020
1 reply
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TurboTax Premier Online

That might be because you over-funded the plan. You are only allowed to contribute $3,500 per year ($4,500 if over 55) to an single HSA plan. If you contribute more, you are subject to a penalty. You could withdraw the excess contribution by the due date of your tax return to avoid the penalty however.

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E

erik-p-johnsonAuthor

Sorry for the delay Thomas, I had not seen that you answered the question. I don't think that is it. I put less than $3000 into the account last year.

VictoriaD75

Double check your entries. It is possible you entered the HSA contribution more than once, and it is considered an excess contribution.

The most common error I see when entering HSA contributions are double reporting. Typically, these payroll contributions are reported on your W-2 in box 12 with code W. If that is the case, no other contribution needs to be reported in the software.

Under the Deductions & Credits menu, confirm the following:

Expand the menu for Medical
Click Start/Revisit next to HSA, MSA Contributions
Confirm the account ownership and click Continue
Continue in through the screens until you reach Let's enter your HSA contributions
Stop here. If all of your contributions were through payroll deductions and reported on your W2, do not enter anything on this screen. If that is the case, either leave the box empty or type $0 in the box next to Any contributions you personally made

Also, verify that you indicated that you participated in an HDHP. If not, the contribution will be "disallowed" and taxable as an excess contribution.

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