HSA deduction 2020

Forum|Forum|5 years ago
January 13, 2021
2 replies
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This turbotax needs to be updated to the current limits for HSA in 2020. We are allowed $8100 and we only put in $8000 and Turbotax is trying to tax me 6% excise on an overfunded amount that is non existant.

TurboTax Home & Biz Windows

Critter-3

Level 15

And it will be updated ... the form 8889 is not slated to be ready until 1/21 at best. https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_windows_individual.html

dmertz

Level 15

These limits have already been updated in TurboTax. Even if TurboTax had not been updated, if your HSA contributions were only $8,000, the 2019 limit for someone age 50 or over, TurboTax's update to the limits would not have changed the result you are seeing. Something else is causing TurboTax to treat some or all of your HSA contribution as an excess contribution.

If your HSA contribution was made through your employer, with the amount of the contribution shown with code W in box 12 of your W-2, TurboTax will treat your HSA contribution as an excess contribution until you complete the HSA section in TurboTax to establish your eligibility to make the contribution.