2987197
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

debroeg
New Member

Will i still have to report my hsa if they closed my acct and sent me a refund?

I started a new job in octoberand i sent them they info they needed, but they said they didnt receive to their liking, but in the meantime still took money out of my paycheck, so by the end of the year they close the acct, and sent me a check for the money that was collected. But it was already reported on the w-2, do i still have to to list it on my taxes?
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Will i still have to report my hsa if they closed my acct and sent me a refund?

All distributions from the HSA must be reported on the tax return where you can also report any out of pocket medical bills you paid that year. 

debroeg
New Member

Will i still have to report my hsa if they closed my acct and sent me a refund?

I never used any of the money. 

HelenC12
Expert Alumni

Will i still have to report my hsa if they closed my acct and sent me a refund?

It doesn't matter that you didn't use the money. It's in your possession. You have 60 days to do a HSA Rollover so you don't get taxed on the distribution. If you didn't take the check and open a new HSA account, at a bank of your choice, you'll have to pay taxes on the HSA distribution.

 

The IRS requires you to prepare Form 8889 and attach it to your tax return when you take a distribution from an HSA. 

  • If your 1099-SA indicates you did not use the distribution for qualified medical expenses, you will pay income tax on the portion you used for nonqualified expenses. 
  • You report the taxable amount on the “other income” line of your tax return and write “HSA” beside it. 
  • You will also have to pay an additional tax of 20 percent on the taxable portion of your distribution, which you’ll calculate on Form 8889. (TurboTax will handle the calculations and fill in all the right forms for you.)

Additional information: Where do I enter my 1099-SA?

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question