When completing TurboTax this year, I was prompted that I need to withdraw a certain amount of overfunded HSA funds before the tax deadline. Fine by me!
But I need to double-check how much that is -- and our return has already been filed and accepted. Can I get back into the TurboTax process to find that amount that I need to withdraw?
Often, you get an 'excess HSA contribution' error when TurboTax has picked up your HSA Contribution from your W-2, and you entered that amount again in the HSA interview section. I am guessing that the amount you need to 'withdraw' is the same amount shown on your W-2 in Box 12, Code W. Check your Form 1040, Line 8, or Schedule 1, Line 9 for this amount on your saved copy of your return.
Click this link for info on Excess HSA Contributions.
If this is the case, you may not need to actually withdraw the funds, but amend your return after you receive your Refund to correct the entries. Click this link for instructions on How to Amend your 2020 Return.
Remember that you can't open your return and make changes after you have filed. To simply look at your return, follow these instructions:
- In TurboTax Online, sign into your account.
- Select Tax Home in the left menu.
- Scroll down to Your tax returns & documents.
- Select 2020, and then select Add a State (you're not actually adding a state, this just gets you into the right menu).
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Thanks for the reply TurboTax told me during the filing process that I can and should withdraw the excess amount before the tax filing deadline -- it didn't suggest that an amended return was necessary.