HSA
Per my HSA website as of today, I have available to spend $2300
Form 5498-SA
Box 2 Total contributions in 2020 $1750
Form 1098-SA Box 1 $396.36
Turbo tax is saying I will be taxed 6% on the $1750 unless I spend it before a certain date.
I read on a previous Turbo Tax forum, if I withdraw it, I will be taxed 20% next year for not spending it on medical expenses.
- Should I leave it or spend it?
- Should I stop depositing money into my HSA for 2021 to avoid being taxed next year?
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Also Turbo Tax says ‘Lets get this from your 1099-SA”
payer name, address, city, Federal ID no., account no. optional. My form 1099-SA only shows the amount in Box 1 of 396.36. It doesn’t show anything else.
- Do I need to put each, and every dollar spent to each medical source- doctors, prescriptions, labs from the HSA website?
