I made an $8000 personal HSA contribution for 2019 in May of 2020 (the deadline for contributions had been extended due to the CARES act.) I also made an $8100 personal HSA contribution for 2020 in December 2020. When I go through the interview and report $16100 for HSA contributions during 2020, nothing comes up to let me indicate what year the contributions are for, and Turbo Tax thinks I have over funded my HSA. Have I? How do I resolve this? Can I report both contributions in the same tax year?
I am not on medicare and no longer have employer contributions. I am eligible to make the family contribution and the age catch up so the amounts are ok according to the IRS.
In the past, I have always made these contributions in the 1st part of the year for the prior year and then reported the contribution in the year it was paid - not the year it was for. For example the 2018 contribution was made in March 2019 and reported on my 2019 return. In 2020 I wanted to "catch up" and get the tax benefit of both contributions in the 2020 tax year. Is that not possible? Have I done this incorrectly and they have to be reported on the tax return for the year they are for not the year they are actually made?
If so, do I need to:
A. File corrected returns to fix this error on prior years and report the $8100 in 2020.
B. Leave the contributions as they are and report my $8100 for 2020 on my 2021return. If I do this does that mean I will end up not being able to contribute in the last year I'm eligible?
Looking for some help...
