- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Went on Medicare in 2023
Something weird is happening when I go to the page titled "Let's Maximize Your Contribution Limit" (which seems to be a calculator for estimating how much I could have contributed to my HSA in 2023). Since I went on Medicare in Oct 2023, I click on the radio buttons for three months (Oct, Nov, Dec) as "Medicare or None", and keep the remaining 9 months (Jan-Sep) as "Family Plan" (which is what my employer had provided before my retirement in October)
As soon as I do this, my estimated Federal and State (MA) returns reduce by several thousand $s.
When I click on "Calculate Max Contribution Limit", I get a number (~$6500), which I presume is the allowed contribution to my HSA. I have made no contribution to my HSA in 2023, so I should be OK on that front.
But why do the Federal and state estimated returns drop by so much? Is there an IRS publication that explains this? Or is this a glitch in Turbotax? (I have the downloaded version, on a Mac)