Solved

HSA excessive contribution

Forum|Forum|2 years ago
March 24, 2024
1 reply
0 views

I have HSA excessive contribution and I am going to take action as Turbo tax suggested.

I would like to know the following:

1. Where can I find the calculation of HSA in Turbo tax? Which worksheet should I search for?

2. What is the HSA maximum contribution for 2023? Is this maximum contribution prorated?

3. What paper work will I need for next year if I am going to take back the excessive contribution?

Best answer by Mike9241

form 8889 but with online you have to pay first to see the actual form

maxmum

self-only coverage 3850

family coverage 7750

additional if taxpayer over 55 $1000

if married and both spouses have an eligible HSA the $7750 can be split any way you want. if both are over 55 each can contribute the extra $1000 but only to their own HSA so the max for a family if both are over 55 is $9750

the amount is prorated 1/12 of the maximum for each month covered by a HDHP and not having disqualifying coverage. Also if you have no coverage or non HDHP coverage for the first 11 months of the year you can make a full year's contribution should you have only HDHP coverage starting 12/1 of that year. the catch is you must maintain only HDHP coverage for all of the following year or else some of the previous year's contribution becomes taxable.being covered by a Flexible savings account disqualifies both tax payer and spouse but this in part depends on the its plan year. once on Medicare that's disqualifying coverage as is any full medical insurance policy that isn't a HDHP. You can have other specialized medical insurance like denatl,H&A, long-term care, There are other rules.

M

Mike9241Answer

form 8889 but with online you have to pay first to see the actual form

maxmum

self-only coverage 3850

family coverage 7750

additional if taxpayer over 55 $1000

if married and both spouses have an eligible HSA the $7750 can be split any way you want. if both are over 55 each can contribute the extra $1000 but only to their own HSA so the max for a family if both are over 55 is $9750

the amount is prorated 1/12 of the maximum for each month covered by a HDHP and not having disqualifying coverage. Also if you have no coverage or non HDHP coverage for the first 11 months of the year you can make a full year's contribution should you have only HDHP coverage starting 12/1 of that year. the catch is you must maintain only HDHP coverage for all of the following year or else some of the previous year's contribution becomes taxable.being covered by a Flexible savings account disqualifies both tax payer and spouse but this in part depends on the its plan year. once on Medicare that's disqualifying coverage as is any full medical insurance policy that isn't a HDHP. You can have other specialized medical insurance like denatl,H&A, long-term care, There are other rules.