Question

Overfunded HSA tooltip (trying to learn)

Forum|Forum|3 years ago
January 31, 2023
1 reply
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Hello,

I am looking at the "How can I figure out if I overfunded my HSA?" section and the instructions are:

Check your 2021 year tax return and look for Form 5329. If the form is there and you see an amount on line 48, your HSA was overfunded and you should answer Yes.

Now, looking at the Form 5329 from my 2021 return, line 47 is called Excess contributions for 2021 which is empty in my case.
While line 48 is called Total excess contributions which is 250 because of a prior year excess contribution.

Do I answer yes because I contributed the maximum allowable sum for 2021 but did not fix my excess contribution for 2020?

B

BillM223

The question, "Did you overfund your HSA?" in the current year (I am assuming you are asking about tax year 2022) refers only to an excess contribution made in the previous year (2021).

In your case, just answer "no"; TurboTax will figure it out, because the data it needs about the previous excess contribution is already on the 5329.

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