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rwsawess
New Member

Can I get help with form 5329s line 42?

I guess I don't understand this. The figure that shows up in this box is what we paid for my husbands hearing aids and some of the batteries. I don't see that as an "excess contribution". Am I wrong? We had NO contributions to an HSA in 2016 because my husband retired at the end of 2015. So, how do I handle this?

1 Best answer

Accepted Solutions
BMcCalpin
Level 13

Can I get help with form 5329s line 42?

Line 42 on the 5329 is reporting excess contributions carried over from 2015. Did you have some on your 2015 return? Did you enter this amount when you were asked in TurboTax if you had excess contributions in 2015?

If you actually meant line 44, this would be caused if you failed to complete the HSA interview. One of the questions in the HSA interview is, "was this distribution for qualified medical expenses?" Hearing aids and batteries clearly qualify as qualified medical expenses.

Go back through the HSA interview (before sure to click on Edit on the HSA Summary, and again on Edit for the 1099-SA).

Proceed through the interview all the way to the end, until you are returned to "Your Tax Breaks".

Look for a carryover amount (did you have one?) and look for the question on qualified medical expenses.

You are correct that if you had no carryover excess contribution and you properly filled out the 1099-SA dialogue, that you should not be penalized on the 5329.

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1 Reply
BMcCalpin
Level 13

Can I get help with form 5329s line 42?

Line 42 on the 5329 is reporting excess contributions carried over from 2015. Did you have some on your 2015 return? Did you enter this amount when you were asked in TurboTax if you had excess contributions in 2015?

If you actually meant line 44, this would be caused if you failed to complete the HSA interview. One of the questions in the HSA interview is, "was this distribution for qualified medical expenses?" Hearing aids and batteries clearly qualify as qualified medical expenses.

Go back through the HSA interview (before sure to click on Edit on the HSA Summary, and again on Edit for the 1099-SA).

Proceed through the interview all the way to the end, until you are returned to "Your Tax Breaks".

Look for a carryover amount (did you have one?) and look for the question on qualified medical expenses.

You are correct that if you had no carryover excess contribution and you properly filled out the 1099-SA dialogue, that you should not be penalized on the 5329.

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