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Level 1
posted Apr 9, 2023 10:18:50 AM

2022 tax year - HSA Exceeds Maximum contribution - form 5329 - no option to rollover to 2023

We exceeded our max contribution to our HSA.  I understand there are two options.  Withdraw the funds or rollover to 2023.  However, TurboTax, when I say "I will not withdraw the funds", proceed to charge me 6% additional tax and does not offer a rollover option and form 5329.  I prefer to rollover the overpayment to 2023 contributions.

0 3 410
3 Replies
Expert Alumni
Apr 10, 2023 11:46:40 AM

The 6% IS the rollover option. Form 5329 will be completed, the 6% excise tax will be assessed there, and the excess will be carried over to 2023. In both cases (withdraw now or rollover) the excess amount will be added to income on the 2022 return if you made the contributions though your employer, so you do not have to do that manually.

Level 1
Apr 10, 2023 2:19:20 PM

Thanks, I will look again.  But I did choose that option and then looked for form 5329 and it was empty.

Expert Alumni
Apr 10, 2023 2:40:48 PM

You told TurboTax that you would not withdraw part or all of the excess, and yet nothing appeared on line 47 in Part VII of the 5329? And the same with line 8 on Schedule 2 (1040)?